Study after study have revealed that consumers are abandoning new account opening processes because of frustration with poorly designed online and mobile applications. The challenges range from asking for too much information, to not being able to complete the entire process using a single digital channel.
In one study, it was found that 40% of all online applications that consumers start never get finished. What’s worse, those who applied for a product in the last 12 months digitally were found to have abandoned the process significantly more than those who last applied more than a year ago (45% vs. 26%) … indicating an increasing lack of patience.
DBR 243 Cover 180x234You would think this would prompt progressive financial institutions to quickly respond to this opportunity by improving online and mobile account opening processes, capturing new business from these frustrated consumers. Unfortunately, research indicates that this call to action is being ignored, impacting customer satisfaction and, more importantly, account opening metrics.
In an extensive research report, ‘State of the Digital Customer Journey,’ sponsored by Kofax, it becomes clear that the industry is falling significantly behind consumer expectations for offering a seamless digital account opening process. Not only does the research find that the majority of banks and credit unions do not provide an online or mobile new account opening option, but even those that do provide these options require branch-based engagement to complete the process.continue reading »