Consumers are interacting with businesses in new ways, from one-click food ordering to lightning speed facial recognition sign-in. Yet many banking institutions have yet to make a seamless transition over to the style of easy, digital tools consumers have come to expect. Most bank and credit union websites and apps make it easy for current customers to log in to view their balance, make transfers, and review historical account usage. However, most do not have the efficient tools in place to attract and onboard new customers. As quarantine continues to limit the foot traffic in brick-and-mortar establishments, banks need to build out their digital toolbox to allow customers to apply for new accounts online. Here’s 5 must-haves for your bank’s online account opening process.
Offer a streamlined multi-channel experience
Stay-at-home orders have forced banks to find new ways to advertise, and many have turned to social media to reach new customers. After all, while customers view billboards and subway posters significantly less, social media channels are experiencing a 20% increase in usage. Subsequently, financial institutions are upping their ad spend on user-friendly platforms like Facebook and Pinterest, luring new customers with punchy graphics and pithy wording. However, the actual process of opening a new account is anything but. Most mobile banking apps open with bright colors and a warm welcome plastered across splashy login screens. But once users get in the thick of filling out forms and making more complex requests, they’re tossed over to a window that looks more like the desktop version of the website. Few apps are designed to serve up a bank’s full suite of products, and still require users to navigate back and forth between the mobile app and the traditional website. To offer the best experience to customers, your bank must offer a streamlined commercial account opening experience across PC, tablet, and mobile. Customers need to access your complete offering across any device. If any part of your mobile process requires customers to use unwieldy legacy technology, or pinch-zoom into PC-first websites, it’s time to take a fresh look at your app design. [youtube_video id="rnLqn_xWCd8"]
