A new online membership application and account opening solution is paying off at ORNL Federal Credit Union, the $1.3 billion institution said.

The credit union has more than doubled its number of applications received online and has an approval rate of about 44% compared with the industry average of 30% to 35% since launching the system from MeridianLink Inc. in July, said Melissa McMahan, vice president of remote services for 155,000-member ORNL FCU in Knoxville, Tenn.

"We thought increasing our ability to handle membership applications and new account opening online would work hand-in-hand with the 'Young & Free' marketing program we're using, which was designed to reach out to Gen Y," McMahan added.

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