The digital consumer experience has grown tremendously in the past five years. Consumers can accomplish many essential tasks from the comfort of their homes, using a mobile device or computer. Additionally, remote career opportunities are becoming more and more prevalent, healthcare organizations are adopting online doctor visits, and just about any cuisine can be delivered to your home with a few clicks. Although not all industries are growing at the same pace, these convenient experiences leave consumers with a much higher expectation for any digital experience. These expectations, of course, include the online deposit account application, especially for the younger tech born and bred generation.
Leading digital lenders and larger financial institutions have invested heavily in the digital consumer experience, and smaller banks and credit unions need a digital presence to compete and grow their member and customer volumes. For those financial institutions that are just getting their toes wet with digital lending, online deposit account applications are the perfect place to start. And whether you’re just starting or refining your process, several items are essential to have an excellent digital consumer experience. Let’s review them below.
Mobile Responsive Online Deposit Account Application
The online deposit account application may look great on your desktop, but have you tested it on a mobile device or a tablet? Having an online deposit account application available is fantastic, but going the extra mile and making it mobile responsive will help capture a greater audience and grow account application volumes.
Prefill the Online Deposit Account Application
Consider partnering with a vendor that integrates into the digital lending and deposit account opening solution to help prefill information from the driver’s license or phone number. A prefill feature will create ease and efficiency throughout the online deposit account application process and create a superior consumer experience.
Automate the Online Deposit Account Application
There’s nothing worse than getting to the end of an online deposit account application but not having a created account. An incomplete digital experience is frustrating for the consumer, especially if there is not a concrete message that states that the process is complete. Banks and credit unions must have an automated decisioning process when it comes to their online deposit account application. The application process does not have to differ from the in-branch experience as the same rules and guidelines should apply. The goal is to have a real online deposit account application that does not waste the time of the consumer.
eBook: Best Practices to Optimize Digital Lending & Account Opening
To learn more in-depth information regarding the optimization of digital lending and account opening, download our best practices eBook. This eBook explains the most critical things every financial institution needs from its loan origination software and other technology to maximize digital lending success.