Today's financial providers can't afford the risks of operating without a seamless digital account opening experience.
A recent Gallup survey found that 43% of users would likely switch banks if they had a poor account opening experience. Another study found that every 10 seconds added to the online application process increased application abandonment by 5%. Consumers simply aren't willing to—and shouldn't have to—wait for a financial account.
When 10 seconds can mean the difference between new business and an abandoned application, financial institutions (FIs) need to invest in digital solutions that remove steps from the process. One key example is Instant Account Verification.
The Benefits of Instant Account Verification
Instant Account Verification (IAV) is a streamlined alternative to traditional microdeposit verification transactions. Whereas microdeposits require anywhere from one to three business days to reach the customer's account—not to mention the time it takes to then validate that account—Instant Account Verification takes mere seconds to complete and removes costly, tedious operations for staff and consumers alike.
In a recent webinar, MX and MeridianLink ® discussed how IAV can improve the account opening process and deliver a better consumer experience by enabling:
- Faster money movement. FIs can eliminate their reliance on microdeposits to verify an account, as well as instantly check account balances before a payment is processed.
- Higher customer satisfaction. By using tokenized OAuth connections, financial providers can make it easier for customers to quickly and securely connect with external financial accounts.
- Better conversion. IAV helps increase the number of applications completed and reduce drop-offs during the onboarding process, improving the bottom line.
- Less fraud. With a more reliable, faster way to verify data, providers can dramatically reduce the number of fraudulent applications approved to join.
Ultimately, IAV makes account opening easier, faster, and more efficient.
Why MX for Account Verification
Connected with over 5,000 FIs in the U.S. and Canada, MX has a strong reputation. Thanks to this vast network, as well as OAuth connections with nine of the top 15 FIs in the U.S., MX can verify 90% of U.S. financial accounts in an average of three seconds.
Watch the on-demand webinar—Instant Account Verification: The Key to Fast & Easy Online Account Opening —to learn more about how MeridianLink and MX are partnering to drive better consumer experiences.