Customers who are accustomed to a seamless, Amazon-esque online experience are demanding the same type of responsive utility from their banks – and that includes online account opening. Yet creating and leveraging effective account origination functionality remains elusive for most banks. The result is an expectations gap that’s damaging all around. Customers are disgruntled because they can’t get what they need and banks are losing out on a powerful sales and marketing tool.
The time has come for banks to break through the barriers and implement a powerful online account opening solution that drives customer growth, cuts acquisition costs, cross-sells products and services and increases revenue. It all starts with overcoming the most common myths that have been holding banks back.
Myth 1: Most banks already have an effective online account opening process.
Wrong. They only think they do. Simply offering it isn’t enough – it has to also be effective. Customers who report dissatisfaction with online account opening describe the process as too complex and too long. That’s unacceptable. In order to win customers over, banks have to give them functionality that’s truly useful, such as:
- An application checklist early in the process
- Real-time visibility into the steps and where they are in the process
- “Save and resume” options that allow applicants to come back and finish later.
- A completely digital process, eliminating the need for a branch visit.
Myth 2: Customers are gradually increasing their use of mobile devices to open accounts.
Wrong. Mobile device usage is exploding. With Bottomline’s network of more than 500 banks, mobile device usage has grown 111% since 2013. Because mobile is so prevalent, the online account opening process has got to be fast and seamless or else prospects will abandon it. In order to capture the mobile audience, smart banks will make sure their online account opening functionality includes mobile-responsive design, mobile photo upload capability and application pre-fill.