Growing deposits is both the most important strategic priority over the next two years for bank CEOs and the most difficult to achieve.
More than one-quarter are seeing over 50% of their online account applications abandoned, with another one-third losing 26%-50% of potential new accounts. The key to combatting abandoned account applications is providing a fast, seamless digital account opening experience.
Some banks just need to incorporate a digital component into their current analog operations. While physical signature cards and the same Know Your Customer (KYC) and Customer Identification Program (CIP) processes are still required, reconsidering your approach and looking for a technology provider that provides a solid balance of security and accountholder ease of use can have a significant impact on your bank and account opening process.
To make this transition seamless, consider focusing on a few key elements:
- Configurable Workflows: Tailor workflows for different scenarios, such as distinguishing between longstanding customers and new applicants, those entering via digital channels versus unauthenticated individuals, and applicants for different account types.
- Modern Platform with Open APIs: Embrace a modern platform with open APIs that facilitates integration with top-notch identity verification and funding tools while maintaining a seamless connection with your core provider.
- Deep Reporting: Keep a close eye on the account opening workflow with comprehensive reporting. Identify friction points and make informed adjustments to workflows or ID verification decisioning rules.
- Multiple Data Sources for ID Verification: Utilize modern identity verification solutions that draw on multiple data sources to reduce cumbersome authentication questions and attract more qualified applicants.
- Alternative Funding Options: Explore account funding alternatives to micro-deposits to increase funding and decrease abandonment rates.
To compete for new deposits and depositors, reimagine your new customer experience through today's digital-first lens. Learn how you can remove any remaining friction from outdated processes and replace it with efficient solutions that allow you to effortlessly acquire new customers.