Online Account Opening
Top 5 Best Practices to Master Online Account Opening
3 min read
In today's fast-paced digital world where consumers expect instantaneous results, financial institutions must stay ahead of the curve to meet customers' expectations and attract new customers. One of the key areas of focus is the online account opening process, which serves as a critical touchpoint for potential customers. A seamless and user-friendly online account opening experience can make all the difference in gaining and retaining customers. In this article, we'll explore the top five best practices for banks and credit unions to optimize their online account opening process and maximize customer acquisition.
1. Seamless Online Experience:
Customers crave a hassle-free experience when opening an account online. Financial institutions must prioritize simplicity and ease of use by guiding customers through each step with minimal friction or complexity. A well-designed and intuitive online account opening platform can instill confidence in customers, making them more likely to complete the application process.
2. Mobile Optimization:
As mobile usage continues to soar, it is crucial for banks and credit unions to optimize their online account opening platforms for mobile devices. According to BankRate.com, 74.1% of first-time checking account holders (15-24 years old) primarily use mobile banking compared to a mere 6.3% who prefer traditional PC-based online banking. This trend continues throughout the age groups with 69.4% of 25-34 year olds preferring mobile banking compared to 12.9% who prefer traditional online banking. Of the age groups surveyed, every single age group preferred mobile banking over traditional online banking with the only exception being 65+ customers. The data is clear, consumers prefer the convenience of using their smartphones and tablets over a traditional PC, so ensuring a seamless mobile experience is essential for attracting tech-savvy clients where they are and staying competitive in the market.
3. Quick Follow Up:
Promptly processing new account applications is vital for creating a positive customer experience. A mobile-first account opening platform must be capable of efficiently handling applications and triggering rapid follow-ups from live bank representatives. Once an application has been submitted, it’s highly encouraged to send an SMS follow-up message within the first few minutes after the application has been submitted to ease the customer’s mind that their application went through successfully. From there, a representative should follow-up with the customer by phone within the first 24 hours to further build trust and begin to build the relationship.
4. Cross Sell Opportunities:
With the goal being to create life-long customers, the online account opening experience needs to have cross-selling features built-in to help guide consumers toward applicable add-on products that fit their needs. By cross selling add-on products from the beginning, financial institutions have a better chance of creating customers for life.
5. Transparent Communication:
Whether a consumer is experiencing your brand for the first time via online account opening or is a longtime customer, there needs to be transparent, fast, and open lines of communication. Digital-only experiences are not enough and many consumers need the personal touch of knowing where their application stands and who to talk to for information.
As financial institutions embrace the digital revolution, optimizing the online account opening process becomes imperative for success. By following these top five best practices, banks and credit unions can create a seamless, mobile-friendly, and customer-centric experience that makes it easy for consumers to do business with a financial institution online.
At Bundlefi, we have worked with hundreds of financial institutions to drive new account growth through online account opening. If making the most of your online and mobile application process is important to you, we can help. Schedule your free consultation today and let’s talk!