A tipping point has been reached whereby financial institutions need to solve their digital account opening processes for good. The last year has made this an absolute imperative, with the pandemic pushing such processes into the digital realm and away from the branch, in most cases for good.
Hence, a shift in consumer behaviour as well as accelerated FI digitisation projects, both of which will be permanent regardless of the pandemic outcome, has occurred.
It is arguably more difficult for the larger incumbents to react at this speed but the risk of not doing so can mean customers will defect to an easier and faster outcome, albeit with a lesser known provider. A happy customer at account origination means a potentially longstanding, mutually happy and revenue-yielding relationship, after all.
The challenge for many financial institutions is that there is friction in the online account origination process, especially when it comes to identity verification and authentication. Yet it is essential for banks both large and small to overcome these challenges and solve the process for the customer. And with healthy competition in this space, the pressure is intensified by not just providing a digital solution, but providing the best, simplest and most user-friendly, not to mention reliable and secure.
Older modes of verification and knowledge-based processes can create complex layers that make it difficult to work with or innovate on top of, which can be the cause of friction in some cases.
The key question is what can be achieved and what more can be offered to the customer once a robust and seamless digital onboarding experience has been nailed. Organisations large and small have many gaps they can fill by doubling down on digital identification, verification and reducing account opening abandonment.
Watch this webinar by Finextra, in association with OneSpan and Cornerstone Advisors, to hear industry experts discuss how FIs can eliminate friction in order to drop abandonment rates and increase account funding.
- What trends have been identified in the last year and how will this change consumer behaviour and expectation?
- How should banks respond to these market trends?
- How can FIs decide which digital processes to prioritise?
- Best practices for reducing friction in the digital account opening process
- Anna Milne - Senior Editor, Finextra [Moderator]
- Bryn Saunders - Senior Product Marketing Manager, OneSpan
- John Meyer - Senior Director, BI/Data Analytics Practice Leader, Cornerstone Advisors
- James Coveney - Head of Data Science, Cashplus