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70% of customers prefer opening new accounts digitally, yet 60% of new accounts still involve a visit to a branch. Why? Because most banks are lagging behind their customers when it comes to technology adoption.
Meanwhile, the buying power of digitally native Millennials is only increasing as more members of the demographic go to college, apply for credit cards, and buy homes. To effectively engage with these customers, banks must become more digitally sophisticated, and offer the ability to open new accounts via mobile devices.
There are hurdles in this process, however. Account applications can be complicated, and the digital landscape is full of distractions. And that doesn’t even take risk and compliance into account. In this report, the experts at Bottomline Technologies walk you through exactly what you need to know about:
Why digital channels matter
Obstacles to a great account opening experience
Where the industry is headed in the next few years
Give Consumers What They Want: Easy Online Account Opening. Consumers who can buy anything with one swipe of their finger are demanding more responsive digital experiences from their financial institutions, including easy-to-use online account opening.
Banks have traditionally relied on physical branches and paper applications. But the world has changed. Customers are unsatisfied with the old way of doing things. They want to shop and buy online - even when it comes to banking services. Banks face a digital sales and marketing divide.
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