How can DAO (digital account opening) technology benefit CUs?

Five steps to simplify your digital transformation

According to a recent issue of the “Digital Banking Report”, mentioned in the blog “The Financial Brand”, “abandonment rates increased significantly as the time to open an account or complete an application increased. If the process took over ten minutes for an online/website process, or five minutes for a mobile process, the abandonment rate impacted the account openings by as much as 40%”.

Having the ability to open an account digitally can help the Credit Unions not only keep their membership base, but to increase it.

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