The mobile technology NOT to overlook if you’re interested in new accounts
Streamlined mobile account opening is the most valuable new service to add in 2016
For every ten people who want to open a new checking account, seven say they would rather use a digital channel than come to a branch. Yet eight out of every ten who try it abandon the attempt. Why? Because it’s difficult, time-consuming, requires looking up information and a lot of manual typing—not so easy on a mobile device—and it takes too long. (Javelin, 2015 & MobileStrategyPartners.com, 2015).
To say this rate is unacceptable is an understatement. Account opening is one metric you can never ignore. You can’t make someone your loyal, engaged account holder if you can’t give them the initial opening experience they want. They have options! And for a growing majority, what they want is convenient, mobile self-service. Further, they may see an obstacle-filled account creation process as a symptom of a generally lax approach to innovation and customer service.
Is it possible to cut the loss rate in half?
Bluepoint Solutions recently hosted a dynamic live one-hour webcast with the industry leaders in this field. Now Bluepoint Solutions is offering an opportunity for banks and credit unions to access a recording of this webinar.
Mobile Account Opening Webcast
Jim Marous, publisher of the newly-released Digital Banking Report, and Paul Mackowick, Chief Revenue Officer of Gro Solutions Inc., American Banker’s “Fintech Company to Watch,” joined Bluepoint Solutions for the program, which includes:
- Marous’ take on the latest and best mobile and account opening trends and an exploration of the claim that 2016 is the year that the mobile account opening window is wide open.
- Mackowick’s demonstration of the solution, featured at Finovate Fall 2015 in NYC.
Speaking out about why mobile account opening might be the single most valuable new service financial institutions can add for 2016, Marous said,
With the digital consumer, our competitors are really the Amazons, the Googles, the Ubers, the Airbnbs. They are the ones setting the tone for what consumers are expecting on the digital channels. The goal of mobile account opening has to be to make that process as easy and welcoming as possible and to meet consumers through really any channel that they prefer. We believe financial institutions are waking up to the fact that they can’t satisfy their potential customers’ needs without the ability to do a seamless and friction-free digital new account opening process.
The average cost to a financial institution to attract a new consumer and get them to begin an application is $200 to $400. The challenge for credit unions is to bring them the rest of the way. How much farther would your budget go if you could cut your abandonments in half, get those accounts open and funded, and get your new account holders fully engaged right from the start?