New account openings are the lifeblood for growing banks. While many banks are successfully leveraging digital marketing to improve how they reach consumers, the account opening process receives far less attention. In our own research, we found that banks experience an abandon rate on new account openings between 70-90%.
This means that with even small improvements to the application process, banks stand to see significant increases in account openings. Below we outline the key opportunities banks have to streamline and enhance their digital account opening process with Avoka.
While bank branches are still the most important channel for account opening, consumers are increasingly turning to mobile and digital channels to start their application. And, our research indicates that the only reason why bank branches are seen as the most important channel is that banks haven’t enabled full account opening capabilities outside of the branch.
We’ve developed a robust partner ecosystem that allows our customers to integrate with leading e-signature, identity validation, compliance, marketing automation, and CRM software platforms. This allows banks to reduce time spent on filling out applications and significantly improves the number of successfully form completions.
As banks race to improve their account opening experience, they have a decision to make: to we build a solution from scratch, or do we start with a platform from a proven industry leader? With Avoka, banks can get started creating their tailored solution immediately rather than spending months or even years trying to build the hidden infrastructure of a new software system from scratch.
Without data and analytics about how bank customers are moving through the account opening process, it’s impossible to understand where to make a change. With Avoka Transact™ Insights, banks get detailed transaction and field analytics about where customers are spending time, making errors, requesting help, or abandoning their session.
Download the 2017 State of Digital Sales in Banking Report to get more insight into how banks can improve digital account opening, and contact Avoka today to learn how we can help you!