Credit unions and community banks know which way the wind is blowing. Today, more than 40% of banking customers indicate that they want to perform their banking entirely online, through digital channels. And yet sometimes online account opening rates lag, and community banks and CUs wonder why their members and prospects aren’t using their online account opening solution.
Here are a few reasons why you might not be capturing your share of the DIY account opening market:
Lack of responsive design – According to one recent study, mobile now represents 65% of all digital media time, and yet many financial institutions treat mobile account opening as an afterthought, focusing instead on desktop users. To capture more of the digital market, you need to offer an onboarding solution that looks good and functions well across multiple platforms, or you will frustrate your prospects and lose potential market share.
Too much keying on mobile devices – Error rates during keying on mobile devices tend to be much higher than error rates on standard keyboards, thanks to the “fat finger problem”. This means that for your self-serve onboarding solution to be successful, it needs to eliminate as much typing as possible, through techniques like intelligent data reuse, ID barcode scanning, and postal code lookup. The advantage for your bank or credit union here is that not only will keying reduction result in a higher rate of completion for DIY account opening, it’ll also make your tellers and call center reps more efficient, and reduce account opening error rates throughout your organization.
Requiring paper signatures – Organizations that have cobbled together an online account opening solution without behind the scenes integrations sometimes have to ask customers to print, sign, and fax or mail paperwork to complete the account opening process. Naturally, this is the point at which many would-be customers abandon their new accounts. Select a solution with integrated e-signature capabilities, and you’ll be able to offer customers the end-to-end digital experience you’ve promised them.
Onboarding hidden in an app – Asking new customers to download an app just to open an account is bound to reduce your online account applications. Instead, feature a button with a CTA to “Open an Account” prominently on your home page for new customers. Account opening should also be available through your online banking app, though, so existing customers can open additional accounts quickly via intuitive screens that are pre-populated with their data.
If your CFI has improved its digital capabilities overall, but not focused enough attention on the digital application process, you’re already losing new customers to big banks, or FinTech start-ups that pride themselves on being digital UX experts. But with the right technology, and a focus on user experience, error reduction, and ease of completion, you can quickly get your DIY account opening process back on track. Doing so can future-proof your organization by getting you ready to meet the needs of your increasingly digital customer base.
Want to see how Doxim Account Opening helps CFI customers to complete a self-serve account application in under 10 minutes? Book your personalized demo today, and prepare to be amazed and how simple it can be.