Account Portability
Idea:
You know how easy it is now to change cell phone providers without changing your cell phone number? Why can't it be that easy to change financial institutions? If the credit union industry could figure out how to make it easier for consumers to transfer accounts from one financial institution to another (beyond the standard switch kit), we would have a compelling competitive advantage over banks.
Approach:
Our project has three overarching goals:
- Simplify the switching process to generate new business
- Make the process simpler for current members to migrate outside accounts
- Explore what needs to be done with legislation and regulation to benefit CUs and consumers
For more information on MDC's Account Portability initiative, please contact Karrie Julian.