Background
Wilson Bank & Trust is one of the top banks in the southern region of the United States with respect to its products, stability, and technology. The bank offers a wide range of products but was only able to offer a limited set online. Since it took days to set up new accounts for customers, the client wanted to automate its account opening process to standardize the onboarding experience, decrease errors, and reduce the lengthy process time.
Key Challenges
- Manual hand-offs prone to error
- Inconsistent onboarding experience
- Lack of integration with existing system
- Lengthy process cycle time
- High abandonment rates
Streamlined account opening with Newgen
Wilson Bank & Trust implemented Newgen’s online account opening software, part of the NewgenONE Digital Transformation Platform with low code capability. The software helped the bank onboard customers for all banking products, including personal and business deposit customers including, checking, savings, CDs, IRAs, HSAs.
Key Highlights
- Reduces online account opening turnaround time from 30 minutes to 5 minutes
- Reduces in-branch account opening turnaround time from days to 10 minutes
- Expects 10X increase in new accounts from online channels
- Improves employee productivity by 300%
Download the complete case study to learn how the client achieved:
- Onboarding within minutes
- Reduced re-keying information and fewer errors
- Significant cost savings
- Enhanced customer and employee experience
- Adherence to compliance and data security