Mobile account origination: Pass or fail?
Easy question for you: can consumers originate a new account at your credit union within the mobile app?
I’ll bet you I know the answer and that is because the answer almost certainly is no.
This snippet from a recent Pymnts.com piece explains my confidence: “Only 8 percent of financial service onboarding applications, which includes personal account opening creation, can be completed on smartphones.”
That 8% number would have been terrible in, say, February. By now, it’s exponentially more awful, as many credit unions continue to keep branches closed or operating in a reduced form as ways of responding to the Covid-19 epidemic. So, where are consumers hunting for financial info now? In many cases, on their phones, because it’s the phone that always is with them.
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