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Here at Andera we spend a lot of time talking about the “virtual branch.” Our digital account opening solution, oFlows, provides vital functionality that turns your website from a something that’s basically a bulletin board plus a portal to online banking into a true “digital place.” We make it possible for banks and credit unions to open accounts online, and we also try to help them open as many as possible, mainly by providing best practices for bank marketing and technology here on www.andera.com.

A few weeks ago we were chatting with our friends at ZAG Interactive, a website design and development agency based in Glastonbury, CT, about what would happen if banks and credit unions actually compared their “virtual branch” with their physical branches—on equal footing. The results of our conversation were quite comical, but more importantly highlighted just how far banks and credit unions have to go before they can say that they offer a digital experience that’s consistent with the branch.

Take this as an example. According to IBM, mobile traffic on online retail sites accounted for about 35% of total traffic in 2013. Andera has observed similar growth in mobile traffic on online deposit account applications. That means that about 1 out of every 3 visitors to your website is on a smartphone or a tablet. If your website isn’t mobile optimized, those visitors will have trouble reading anything on your site, and will probably navigate away after a 30 seconds of pinch-and-shrink frustration. If your website really was your branch, you would be turning away 1 in 3 potential customers. Thus we arrive at the first deadly sin, INACCESSIBILITY:

Two out of Three

That’s all for now! To hear the rest of the sins, and to learn what you can do to fix them, register for our webinar next week with Michelle Brown from ZAG and Laurie McLachlan from Andera here: http://bit.ly/SevenJune4

Melanie Friedrichs

Melanie likes writing and data.In addition to financial technology and marketing, her interests include financial regulation, macroeconomics, and startups.

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 mfriedrichs@andera.com or on twitter @mfriedri.

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Call us or use the form on the right to send us a note. We'll tell you more about our oFlows platform and how banks and credit unions across the country are using it to simplify the account opening and loan application process.

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