At FIs across the country, account holders are navigating reduced branch access and increased drive-through wait times. Those factors, combined with heightened economic anxieties created by the effects of COVID-19, have re-emphasized the importance of providing easy digital account opening options. More frequently now, the in-person channels that foster new, organic growth (deposits and loans alike) have shrunk in response to account holders’ pivot to digital banking. Having the right digital tools in place to compensate for this shift is vital in today’s new financial environment.

Are you providing a fast, accurate onboarding solution?

How fast is your FI’s new account opening process? Does your application process take longer than five minutes? Is your abandonment rate higher than 30%? If so, you may want to consider evaluating your solution more deeply. While faster experiences are inherently better, it’s also essential to gather accurate application data through the application process. Given the stress your customers or members are probably feeling, they would welcome a user-friendly, dynamic onboarding experience that is not only fast but error-free and secure.

Digital ID scanning for a better, faster experience

For account holders, entering their identifying information can become a point of friction in the application process—but scanning an ID only takes seconds. Confirming the account holder’s ID this way only takes a few seconds and can expedite access to credit report data needed for loan decisioning. Funding an initial deposit account using a debit or credit card also takes just a few more seconds. Shaving time off the process opens up opportunities to improve the experience even more, not to mention make a lasting impression.

Customized experiences for deeper engagement

For first-time account holders, FIs may consider methods to deepen new relationships by instituting a custom onboarding experience. With account holders more engaged in the digital channel these days, the onboarding process not only can provide quick account opening but bring opportunities to offer ancillary products and services that may meet their needs, like debit cards, overdraft protection, bill pay, or other loans leveraging the credit report data already imported.

Read about the fast and accurate Q2 Gro onboarding experience.


Written by Q2