Trends in Digital Account Opening
Financial institutions need to do more than just technology upgrades, a top priority being the optimization of back-office processes that creates unnecessary friction. It is the only way for financial institutions to increase the volume of digital account opening, enhance customer experience, and create value across the customer lifecycle. Today more than ever, the ability to provide transactional and engagement functionality across digital channels has become a critical component for banks and credit unions to succeed. Failure to meet customer expectations can result in significant application abandonment rates, negatively impacting financial institutions’ customer acquisition and relationship expansion efforts.
And digitizing outdated processes is not the answer!
A robust digital account opening system that is agile and simple is mandatory to support a strong customer acquisition strategy. Banks can incur massive benefits by embracing new-age technologies like cloud, robotic process automation (RPA), and machine learning. The benefits include customer insight and real-time data, which will allow them to reach the full customer experience potential and achieve operational efficiencies.
Read our whitepaper authored by Jim Marous, Co-publisher, The Financial Brand, to gain detailed insights into:
- Digital account opening trends that financial institutions need to look out for
- Factors that lead to the abandonment of digital account opening applications
- Insights into digital technology powering the future of banking
- New customer acquisition models: A deep-dive
- Real-life examples of financial institutions rethinking customer acquisition
“New customer growth in the future will come less from branches and buying banks and more from acquiring or partnering with tech, shopping, media, or other data-rich companies. Speed and simplicity of digital account opening will be imperative” – Jim Marous