Online and mobile account opening process adds ease and convenience

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr As more financial services activities shift to digital, account opening remains – for now – a branch-centric activity. Only 22 percent of people who opened a checking account in the last 12 months did so online, compared to 72 percent in the branch, according Expectations & Experiences, the Fiserv quarterly consumer trends survey. Contrast this with almost half of consumers who opened their credit card account online, and it seems inevitable that consumers’ desire for speed, ease and convenience will accelerate demand for digital account opening.As institutions look for growth – especially among digital-native millennials – an exceptional online and mobile account-opening experience should be at the top of their agenda.The ideal digital account opening experience does away with lengthy forms and unnecessary steps, and provides clear instructions and access to help. It also takes into account the fact that consumers may leverage multiple digital channels during the account opening process starting on a mobile phone, moving to a desktop and finishing at the branch on a tablet, for example.A properly designed experience reduces frustration and increases the likelihood consumers will complete the account opening process. Gamification techniques, such as status indicators, keep the consumer on track and engaged. continue reading »last_img