The State of Online Account Origination System

Posted by Yelena Kolesnik

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

Over the past few years (and months) there have been significant improvements within the realm of online account opening technology. These innovations provide the necessary tools financial institutions require in order to stay competitive. By providing consumers with an overall excellent digital experience, everyone wins.

In this blog we'll examine the following 3 key items a superior online account opening system should have to remain competitive, up-to-date, and which tools are necessary for the latest and greatest innovations:

  1. Design. The design of a superior online account opening solution will be built to respond to any device.
  2. Workflows. The workflows of a modern online deposit account solution will be automated and will ensure that the processes do not create extra work.
  3.  User Experience. A top of the line online opening system will provide an excellent user experience for the consumer and the staff.

Advancements in online and mobile technology has allowed consumers to manage just 300x600about everything they need from their mobile device. Online account opening software has also improved significantly, giving every financial institution the opportunity to provide a superior online account opening experience to their community.
 

A new deposit account is often synonymous with a new member or customer. Providing an online deposit account application option is vital for a bank or credit union to stay competitive and grow, especially with the current state of the world.

 

The internet also provides consumers with a sea of banking options, meaning people have grown accustomed to expect better services and infrastructure. If your financial institution has shied away from providing any digital offerings, it may be time to rethink your organization’s future plans. Online account opening is a great way to start your organization's online application offerings, as the process is less complicated than an online loan application.

 

In order to provide a positive digital account opening experience, the right technology must be an intricate part of the formula. The proper system will ensure the application can be filled out quickly, processed immediately, and will give the consumer an instant response. Technology that does not allow for the consumer to complete the entire process is not a true digital experience, and will create frustration for everyone involved.

 

The following are three key features a superior online account opening product ought to have. We believe these features are necessary in order to help you examine if the system you are currently using is top of the line or shop for a new one.

 

Design

There are a wide range of devices on the market, and in order to provide a superior consumer experience the online account opening system should be able to properly respond to all screen types. A properly calibrated modern online account opening system will be designed to adapt to any device; whether it's a desktop site, or a smartphone. A mobile first responsive design ultimately creates a superior consumer experience, and sets your financial institution apart from the competition.

 

Workflows

Providing an online account opening opportunity to your members and customers is great, but an excellent consumer experience should not come at the price of tedious workflows for your staff. A top of the line online account opening solution will automate the online account opening workflow, thus ensuring that the digital channel is an addition to your organization. A properly built back-end eliminates headaches, creating less work for your team.

 

User Experience

A superior online account opening technology is built to provide the consumer a superior experience, allowing for a quick application and an immediate response. Additionally, the user experience has to be equally simple for your team. A simple user experience for bank or credit union staff requires the system to integrate to the core system, and allows for configuration that is unique to the structure of your organization.

 

Although online banking features are not a new phenomenon, there are many banks and credit unions that are still hesitant to innovate or to fully innovate. By offering only half of the application online is a sure way to lose business. The best way to stay up-to-date, and provide an even greater service to your consumers, is to provide an easy online application process. If you’d like to learn more about the state of online account opening we highly suggest you download the white paper (link below.) This white paper outlines all the key features an online account opening solution should have, including reasons why switching to a new platform is easier than you think.

Download the State of AOS

 

Topics: Account Opening System, XpressAccounts

Written by Yelena Kolesnik

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