We are making a small but important change to our oFlows online and mobile account opening solution: we can now pass data from our workflow to an online banking enrollment site in real time. The new functionality saves applicants time by letting them skip some data entry in the online banking enrollment process, but more importantly, it turns what before felt like two discrete processes into one smooth user experience.
Despite time saved by leveraging mobile technology and careful design, applying for a financial product online can still feel tedious, and the last thing applicants want to do after opening an account successfully is to re-enter basic “about me” data to enroll in online banking. This poor user experience can have a direct impact on profitability. The longer new customers or members delay online banking enrollment, the more likely they are to turn to high-cost service channels like the call center or branch for basic transactions.
Passing data from account opening to online banking enrollment is just one step towards a larger goal of bringing digital banking and digital account opening closer together. For existing customers and members looking to apply for a credit card, a loan, or an additional deposit product, online banking single sign-on lets applicants skip annoying data entry, and, crucially, the rigorous identity verification procedures required by Know-Your-Customer regulations. Online banking single sign-on is to digital account opening what user accounts with saved payment information are to online retail: it’s not yet “Buy with One Click” but it’s a lot easier than starting from scratch.
In the future, the processes of data capture, decisioning, identity verification, funding, and account creation may become so integrated into online banking that the difference becomes nearly invisible to the consumer. Imagine navigating to a financial institution website, creating a user account like you would on Amazon, ebay, or Zappos, and selecting which products you’d like. You never consciously fill out an application or enroll in online banking, but you know you’re good to go when you can see your checking or credit card account information on the screen. We’re working toward this future, one small step at a time.
To learn more, register for our webinar on May 8th here.
Melanie is a member of the first class of Venture for America, a two-year fellowship that seeks to revitalize American cities through entrepreneurship by matching recent college graduates with start-ups.You can reach her at firstname.lastname@example.org or on twitter @mfriedri.