Alkami Technology Plano Texas

Reimagine digital onboarding with an intuitive user experience

Reimagine digital onboarding with an intuitive user experience
Deploying a unified platform for digital account opening and loan origination

Historically, when we think of digital onboarding, we often think of hefty applications with lots of data entry, repetitive fields, and manual work for the prospective account holder. If that’s their first impression of your financial institution (FI), they may quickly look for an alternative. Those first 30 seconds are crucial to capturing their interest and building a banking relationship. Legacy account origination systems were created by providers who took in-branch processes and digitized them. For consumers and businesses alike, this is simply not going to fly in a digital-first era. In our everyday lives, we expect simple, seamless experiences. Why not cater to these preferences while addressing users’ online banking needs?

Neobanks and megabanks have heard the consumer demand and have responded with their version of the best user experience (UX). This looming fintech threat presents a major problem for traditional FIs. If consumers and businesses begin using alternative neobank providers, the primary financial institution (PFI) relationship is now on the line.

Make the application process intuitive

According to The Financial Brand, over 50% of new deposit account applications are abandoned. If FIs only offer a solution that is riddled with in-branch barriers and complex requirements, it’s no wonder there’s such a high drop-off rate. Applicants expect transparency, ease, and convenience. To compete, banks and credit unions should take a hard look at their current onboarding process and identify where innovative improvements can be made.

Onboarding is so much more than a mobile-first application. It’s about every aspect of the account opening process being digital-first, from an online shopping experience for financial products to digital card push provisioning to mobile wallets and seamless digital banking user registration.

Committed to accelerating user acquisition, Alkami has introduced a comprehensive online account opening and digital loan origination system designed to:

  • Build interest and consideration in financial products in an e-commerce storefront
  • Cross-sell additional products based on the users’ unique needs
  • Convert consumers and businesses via a mobile-first application configured to the products added to their shopping cart
  • Register new users directly in digital banking upon approval
  • By following the above mentioned framework, FIs can mitigate application drop-off with a curated, engaging onboarding experience.
Achieve PFI status with digital banking

Only 50% of newly opened accounts survive more than the first three months (The Financial Brand, 2022). Why? For a myriad of reasons – the user opened the account but did not fund it, direct deposit was not established, they were not targeted with personalized offers in digital banking – the list goes on and on.

With a little less than half of FIs having a solid onboarding experience in place, it’s understandable why so many new account holders end up abandoning their accounts. Working with a community FI has many perks, one of which is being able to rely on them as a trusted financial partner. While account holders have gone increasingly digital, FIs have to find a way to provide that personalized, well-attended relationship online.

At Alkami, we’ve designed a digital account opening and loan origination platform that seamlessly integrates with digital banking – enabling you to develop the PFI relationship from the website layer and into online banking.

Within digital banking, FIs can foster the banking relationship, provide an excellent UX, and achieve PFI status. To accomplish this, FIs need to develop a successful onboarding strategy focused on delivering personalized engagements through targeted marketing offers predictive of the users’ needs, 24/7 customer service, financial wellness, and money movement tools. By tying all of these invaluable elements together, FIs can elevate their digital presence and grow relationships with users to last a lifetime.

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