The Onboarding Opportunity Checklist: Is your Account Opening Process Helping or Harming your Growth?

The Onboarding Opportunity Checklist: Is your Account Opening Process Helping or Harming your Growth?

By Q2

16 Mar, 2021

Today’s attention spans are fleeting, and it’s no wonder, as consumers binge hundreds of titles on Netflix, make quick buys on Amazon, and order groceries with the simple click of a button—all from the comfort of their own homes. Why should handling their finances be any different?

Clunky, inconvenient account opening processes are driving prospects away and financial institutions need to make a change. FIs have done a great job at shifting transactions and other information into the digital channel, but onboarding too often remains dependent on manual processes and branch visits. While the events of 2020 have certainly changed how many of us do business, reducing friction and aligning with today’s expectations isn’t just good for the customer, it’s also crucial for FIs to grow revenue and market share in a rapidly changing, digital-first landscape.  

It’s important to assess your onboarding experience with a critical, user-centered eye, so let’s put ourselves in the customer’s shoes. It’s fairly simple—a few “dos and don’ts” can determine whether prospects will complete or abandon their account setup. To see if your digital account opening journey is empowering or inhibiting your success, use the below checklist:

Can prospects open an account with a few minutes and a mobile device?

Let’s face it, there’s often a gap between what FIs think is necessary and what customers want and expect. While FIs worry about KYC questions and time-consuming compliance needs, prospects value speed and convenience. If a prospect is required to provide information that isn’t top of mind, setup becomes too laborious, or if they’re not able to efficiently complete it on their mobile device, they’ll probably hop off the page.

Four minutes seems to be the magic number. At this speed, significantly more people complete their sign-up: 70% compared to the industry’s typical 20%! Even better? Stay transparent by numbering each step so prospects know exactly where they are in the process, making follow-through more likely.

Is there a healthy balance between customer experience and compliance?

When FIs prioritize their compliance concerns over the customer experience, prospects are often left sifting through endless questionnaires and jumping through tiring security hoops that impede the onboarding flow. Rather than choosing one over the other, the dynamic between convenience and compliance should be balanced out. To do this, determine where compliance is currently implemented in the onboarding process, then decide which of these components are actually required on the front-end or are optional and can be deferred until later in the relationship when trust has been built.

Are your credential requirements free of complication?

Because they’re unnecessary roadblocks and ultimately hinder the customer experience, highly specific or random security questions for identity verification are becoming a thing of the past. Instead, leverage one-step security keys that are personalized and air-tight but also top of mind so account holders don’t scramble to retrieve them down the road. Setting the tone with a streamlined, user-friendly experience will help reduce abandonment and headaches. Let’s be realistic, it’s just not convenient to recall every street you lived on for a given span of years!

Is it easy to open additional accounts?

This one is all about relationship management, serving customers beyond their first account, and meeting a wider range of their financial needs throughout big life moments. Making it simple to open additional accounts or opt for new services with one-click authentication supports loyalty and confidence in the customer relationship.

It’s also important to tailor new service offerings to customers in a tactful, informed way with data gathered throughout the digital banking relationship. It’s a win-win when FIs can better discern how, what, and when to market to account holders—customers are met with easy access to services they need while FIs create new, organic revenue streams.

If you answered “no” to any of the above items, it’s probably time to amp up your account opening process. For more information on how this can be done, visit or reach out for a demo to see what your customer experience could look like today!

With the right solution in place, it’s possible to acquire customers at more than 3x the average industry rate. Together, let’s reach the full potential of your onboarding opportunity and turn prospects into primary banking status.


Written by Q2