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Another ICBA LIVE is in the books — and after connecting with so many community banks, one thing is clear: Deposit growth and fraud protection remain top priorities.
As we headed home, with the smell of spring in the air, it got us thinking…when was the last time you gave your account opening and onboarding processes a good spring cleaning? Just like washing the windows or scrubbing the baseboards, refreshing your digital processes can uncover areas you may have been overlooking.
Think of your account opening process as your bank’s front door. It’s where you welcome new faces and loyal customers alike. You want your entrance to encourage guests to come in and stay awhile, but it can be overwhelming to think about where to start.
We’ll share three steps to help you freshen up onboarding, encourage deposit growth, and build stronger, more secure relationships.
Step 1: Dust off your digital first impression
First impressions stick, and a clunky, outdated account opening process can drive potential customers away before you can even say ‘hello’. The good news is that a few changes can have a big impact.
Ask yourself these three key questions:
- Does your application reflect your brand? From the design to the user experience, your application should feel like an extension of your bank. If it feels generic or disconnected, new customers might question whether they’re in the right place.
- Is there a trend where applicants start to jump ship? Monitor where users are dropping off in your application flow. Whether it’s a confusing form, a slow page load, or a lack of clarity, addressing this friction can improve completion rates and enhance the overall user experience.
- What’s the experience across devices? You know customers are accessing applications from everywhere — desktops, tablets, and phones. Make sure the process is smooth and consistent, no matter the device.
Step 2: Clear the clutter
Spring cleaning isn’t just about making things look better. It’s about getting rid of what you no longer need and making room for what you do. The same goes for your account opening process.
This is the time to really examine your application questions. Are all of them truly necessary for every applicant and account type? How can you streamline the process, making it easier and faster without compromising security? The key is balancing a frictionless experience with strong protection, and it doesn’t have to be a tradeoff.
Investing in a digital application solution that integrates advanced, multi-layered solutions—like AI-powered identity verification, device risk assessments, and behavioral analytics—can help you confidently exclude unnecessary steps in the application process while maintaining robust protection. These technologies work together to detect red flags, such as mismatched personal details or unusual behavior, before they turn into costly fraud.
The result? Faster account openings, fewer abandoned applications, and greater peace of mind.
Step 3: Polish up for the next generation
You’ve dusted off outdated processes and decluttered and secured your customer experience. Now it’s time for some finishing touches to make sure you’re ready to welcome and serve all generations of bankers.
Gen Z and Gen Alpha already make up over 30% of the U.S. population. That’s a massive pool of opportunity, and more importantly, it represents the future of your bank. Engaging these groups early is a long-term strategy for deposit growth. The earlier you connect, the more likely they are to stick with you through life’s biggest milestones. In fact, 45% of youth account holders remain with their financial institution for five years or more. So, while you’ll see the impact on your balance sheet today, the real win is in the lasting relationships you’re building for the future.
But these digital natives won’t be walking into branches with piggy banks. They’re glued to their phones, swiping, tapping, and expecting seamless experiences everywhere they go—and your bank is no exception.
Here are a few things to keep in mind:
Most first-time accounts are being opened by parents on behalf of their kids. Make it easy for them to choose your bank by offering things like no-fee youth accounts, no minimum balance requirements, and competitive rates.
Young customers are more likely to stay engaged when they feel rewarded. Consider perks like birthday or holiday rewards, savings goal celebrations, and account progression paths to keep them coming back to you.
Incentivize multi-account households. It’s certainly easier for parents and kids to keep the same bank. So, give them the final push they need to keep their accounts with you. This can create those sticky, long-term relationships you need and increase the likelihood of deposits flowing across generations.
Make it simple for parents and kids to monitor and manage accounts with easy-to-use digital tools. Provide mobile access, debit cards, ATM options, and real-time notifications to give them the control they expect and the convenience they want.
Spring Forward With a Better Banking Experience
ICBA LIVE reaffirmed just how focused community banks are on staying ahead of evolving customer expectations and fraud threats.
So, take a step back, reassess your account opening and onboarding processes, and make the necessary changes to prioritize simple, secure experiences that can grow your customer relationships.
