Win deposits and improve your efficiency ratio with an omnichannel digital account opening solution
Deposits are the lifeline for any financial institution, and now more than ever, deposits are critical. In this competitive rate environment, financial institutions need to shift their strategy to attract new deposits and drive their new money goals. As interest rates drop, financial institutions need to be ready with the necessary liquidity to fund their lending operations and expand their loan portfolio.
That’s where a digital account opening solution can solve for liquidity, bolster an institution’s lending authority, and drive revenue opportunities. Think of it as your digital sales and service platform – where your financial institution can offer a marketplace of deposit products and applicants can seamlessly checkout.
Besides generating interchange income off of debit cards and fee-based revenue from checking accounts, an effective account opening solution should overall improve your efficiency ratio. But how? Let’s break it down.
Your account origination platform should decrease the non-interest expenses your financial institution incurs by reducing labor hours attributed to processing applications, performing Know Your Customer checks, and completing Suspicious Activity Reports (SARS) if fraudsters are undetected during traditional customer identification methods. To simplify the process and reduce overhead, financial institutions could:
