Recorded on: November 13, 2019
Presenter: Tim Bedard, Director of Product Marketing
Sixty-five to ninety percent of potential customers start an application to open a new account, but then abandon that process before completion (Aite Group, 2019). With the pressure on banks to acquire new customers and differentiate their offering against new market entrants, poor customer experience in the new account opening process is a problem financial institution need to fix.
To accelerate new customer acquisition and reduce abandonment rates, financial institutions need to transform the new account opening process into a seamless and secure digital customer experience for applicants. This means stripping out areas of frustration, such as manual ID checks and mandatory branch visits, while replacing these legacy processes with more modern solutions, such as digital identity verification and e-signatures.
Watch this recording to hear experts discuss:
- Digital account opening market trends
- Best practices for reducing application abandonment with digital account opening
- Benefits of digital identity verification and e-signature technology
- How digital identity verification can reduce fraud during account opening
- How to improve the customer experience without increasing risk