Here is the wrong way to do digital account opening: one size fits all, out of wallet questions, no support during the process, penny deposit and then make new members go through the verification process a second time to enroll into digital banking. That’s not a complete list of problems with today’s solutions but it’s a good start.
1. Personalization. Advertising and marketing have, for a long time, been all about personalization. Target the product and message to the specific needs and interests of each person. Digital account opening should do this as well. Different people should have a different account opening experience based on who they are.
2. Biometrics. Digital security is paramount for account opening. Out-of-wallet questions were a nice innovation 20+ years ago but are no longer sufficient for security or end user experience. Biometrics are faster, more secure and a must have for digital account opening.
3. 24/7 Support. Drop-off rates are high during the account opening process. What happens if someone trying to open an account at 7pm has a question. Using livechat and a chatbot for support is expected today for the website and for digital banking but it’s also required for account opening.
4. Integration. When all is said and done and you have a new member, eliminate redundant (and frustrating) data entry by integrating digital account opening with digital banking to streamline the enrollment process.
5. Real Time. Time to retire penny deposit account verification. A real time solution that also compares name and address on the application to the external account is required for security and UX.
Your current solution that has been chugging along for the last 5-15 years is out of date. There is a better way.
Author: Chris Doner, Founder and CEO, Access Softek