Gain Ground for Your Banking Institution by Offering Fully Digital Account Opening Solutions
Written by Jeanne Moore
Traditional banks and financial institutions have long controlled all aspects of the financial world. From opening a simple checking or savings account to applying for a loan. Due to their size and entrenchment in the financial system, larger banking institutions have been resistant to the rise of Fintech. Given their resources, larger banks have been quick to pivot to the fully digital financial environment and continue to offer both digital and in person account opening options. This has helped digital-only financial alternatives gain ground against traditional smaller banking institutions by offering banking and financial consumers a faster, hassle-free banking process. 75.4% of the population has been using digital banking services since 2021.
Today’s consumer is not only comfortable conducting financial business online, most actually prefer a completely digital banking experience. The latest banking statistics compiled by Statista report that in 2022 more than 65% of banking customers in the US, conduct at least some portion of their banking online. With banking consumers clearly making the pivot to online and digital banking solutions. Financial institutions that are able to offer a more streamlined digital account opening solution are going to be in a position to attract more customers.
How Can An IgniteOpen Digital Account Opening Solution Help You
In the past decade, the rise of Fintech has changed the way that we think about banking. Opening a new bank account was once a complicated, time-consuming, and at times, frustrating process that required several face to face meetings, and a number of employees across several departments analyzing, tracking, and managing a mountain of documents. Today, digital account opening solutions like IgniteOpen make it quick, and easy to onboard new customers, and give online banks, and other alternative financial institutions, a quick and efficient online account opening solution.
Traditional Account Opening
Opening a traditional checking or savings account often means the potential banking customer needs to leave their home or office, and travel to the bank one or multiple times. Sometimes, this requires meeting not only with a banking account onboarding representative, but also other account management staff to review account opening details, discuss needs and options, and present various forms of identification and documentation for account opening approval. This process is not only complicated, but also time-consuming. It can be frustrating for the potential customer, not to mention labor-intensive and costly for the financial institution. Other costs involved include supply costs, data management and tracking, scanning items, staff resources, and more.
IgniteOpen Digital Account Opening Solution
In contrast, digital account opening solutions, like the ones offered to financial institutions by IgniteOpen, make the process of opening an account quicker, easier, and far more pleasant for the prospective banking customer. They provide a more efficient, and much more cost-effective onboarding solution for the bank or financial institution.
The IgniteOpen digital account opening solution allows prospective banking customers to enter their information, provide identification and documentation, and complete the account opening process completely from the comfort of their own home or office. It takes a matter of minutes, rather than the hours, or even days required by traditional account opening procedures.
By implementing a digital account opening solution like IgniteOpen, banks, credit unions, and other financial service providers are able to onboard new customers much faster, with fewer steps, and fewer staff. This helps to level the playing field and allows banks, and financial institutions who are willing and able to adopt new digital account opening technology, a chance to efficiently onboard new clients and remain competitive.
Are you ready to learn more about how a digital account opening solution can level the playing field and help your bank or credit union gain a competitive edge over the larger banks? Schedule a discovery meeting with the team of experts at IgniteOpen to get started today!
- Large banks have been slow to pivot to the fully digital financial environment, and continue to offer both digital and in person account opening options.
- In person account opening is not only complicated, but also time-consuming.
- Banking customers are clearly making the pivot to online and digital banking solutions.
- Financial institutions that are able to offer a more streamlined digital account opening solution are going to be in a position to attract more customers.
- By implementing a digital account opening solution like IgniteOpen, banks, credit unions, and other financial service providers are able to onboard new customers much faster, with fewer steps, and fewer staff.
- IgniteOpen can help your bank or credit union gain a competitive edge.
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