New Digital Account Opening Features Allow You to Open More Accounts Faster

New Digital Account Opening Features Allow You to Open More Accounts Faster

New Digital Account Opening Features Allow You to Open More Accounts Faster

In a recent study, IDology found that 48% of consumers had abandoned signing up for a new account online because the process was too difficult, time-consuming, or felt insecure (IDology, 2021). As a fintech serving community financial institutions, security is our number one concern, followed by the ease of use for customers and back-office teams.

After seeing the changes COVID-19 had on the banking industry, we knew we needed to meet consumer demands by innovating our existing platform—45% of consumers anticipate using online services exclusively in a post-pandemic world (IDology, 2021).

As we further our commitment to continuous improvement, we finalized a strategic acquisition with Alkami Technology, Inc. (Nasdaq: ALKT), one of the fastest-growing fintechs in the country. This opportunity has given us access to the resources we need to invest in product development and ensure our customers have a comprehensive digital banking journey. We are excited to showcase the platform updates that will enable our customers to achieve complete digital success.

Introducing a Comprehensive Digital Journey for Mobile Banking Users

Digital account opening should be intuitive and simple. To provide users with an experience that rivals megabanks and large fintechs, we built integrations with digital banking providers, like Alkami, to create a seamless user journey. 

Existing clientele start their banking journey in their mobile app, where they can easily open a new account, loan, or credit card. Customers use Store to browse different financial products and add them to their Cart. Once the applicant finds the product they want to apply for, that institution can leverage existing consumer data to minimize data entry when applying.

Alkami will request specific data inputs depending on the type of financial products they applied for. The applicant completes their required fields and electronically signs dynamically generated Terms & Conditions. If your user is opening a new account, they can seamlessly transfer funds from their existing account through their mobile banking app. Once funded, the account will be created on the core automatically. After successful account creation, the user will return to their mobile banking app and see their new account on the homepage.

Reimagining Your Retail Shopping Experience

To cultivate interest in your institution, we start the journey with an online shopping experience where customers can browse, shop, and apply for every financial product your institution supports. Once the user starts an application, they can easily select additional financial products to meet their needs.

This step of the shopping experience provides the largest cross-sell opportunity for your institution. Here you can easily organize other product offerings with high-level details for side-by-side comparisons. Designed to be streamlined and convenient, customers can open a new checking account and apply for a credit card in a single application. 

After adding their products to Cart, the consumer completes minimal inputs in their application that Alkami validates against third-party data providers.

If opening an account, the applicant is given flexible funding methods via bank account authentication, debit card, or check. From here, the consumer electronically signs their disclosures and submits their application. They are then encouraged to download mobile banking to manage their finances with ease.

Simplifying the Consumer Experience

By introducing an onboarding experience with minimalistic workflows, your users will feel confident in your institution and appreciative for an application that takes only a few minutes to complete. 

Interested in learning more about digital account opening? Schedule a discovery call to discuss your institution’s challenges and our Sales Team will cultivate a solution for your digital success.

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