The challenges of digital banking account opening

There is a digital transformation in banking that is forcing banks to keep up or fall behind. Digital Banking has become increasingly important over the last decade. For most customers, this is because it is more convenient, makes doing business faster, and is more environmentally friendly (i.e., no piles of paper or gas emissions from traveling to a physical location). It’s also an excellent alternative for those who cannot make it out of their homes due to health reasons or other limitations.

According to Statista, more than half (61%) of the American population utilizes digital banking, which is set to increase to 65.3% by the end of 2022. In the coming years, experts foresee that figure growing even higher.

As digital banking becomes increasingly popular, banks are under pressure to offer digital account opening that is fast, simple, and convenient. By offering digital banking account opening backed by reliable software, banks can make the account opening process more convenient for customers and increase customer satisfaction.

 

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