Is your bank’s goal to offer a frictionless online account origination process?
Online account origination for banking involves more than retail purchases, but the transactions can be made to rival the ease of an Amazon purchase that consumers have come to expect. The key is that the account origination experience must be optimized to be simple.
That’s why abandonment rates for digital account origination average 85% across deposit, lending and credit products.
If your goal is to increase online account origination at your bank, then this is your challenge:
Most often, when banks undertake an online account origination project, they look at a 12-24 month cycle just to get the first version in production, then 6-9 months for every revision cycle. That doesn’t fit in a rapidly changing market, and puts your institution far behind the competition.
Creating a customer engagement system directly on the core banking systems is a complex, risky undertaking. As an alternative, building on a customer engagement platform optimized for account origination can deliver a superior customer experience, much faster, and without burdening the core IT processes. Like the web content system that is optimized for pushing information “out” – a customer engagement platform is a system dedicated to pulling customer account origination data “in” to the bank.
Launching the account origination experience is just the start. It is impossible to predict what will cause customer abandonment. The system must be capable of monitoring and analyzing the customer success in completed account originations, them implementing quick, small changes to show improved results:
Using an online account origination platform delivers a solution to the difficult challenges of building customer experience and eliminates months of IT coding, test and integration. The pre-built pieces must include:
Watch the 2 minute video to see how to increase conversions, accelerate time to market, and achieve more online account origination success.
Then get in contact with Avoka to learn how it can help you.