Prospective customers and members have demonstrated clearly their willingness to choose financial institutions that offer digital account opening. Adopting a leading-edge omnichannel capability is the best option for banks and credit unions that aim at account growth.
To satisfy consumer demand, it isn’t enough to put out a digital “welcome mat.” The entire consumer experience matters—from being able to easily enter the virtual front door, to exiting with an active account and a sense of engagement with the provider.
A few recent industry research findings illuminate where we find ourselves today:
- Most financial institutions plan to add a mobile optimized solution, but only 20 percent are there now.
- Up to 80 percent of the attempts to apply for a new account via a mobile device fail, either abandoned before being completed or completed but never funded.
- Friction in the process creates most of these failures. Processes are either too complicated, take too much time, require too much data entry or can’t be completed immediately. Some even require a branch visit, which too often doesn’t happen.