To turn on powerful digital account opening and lending experiences, financial institutions need to prioritize:
- Real-time core integration. Digital banking actions should move straight into the institution’s core processing platform. That way, there’s no lag or disruption if an accountholder needs to speak with a representative in the call center or branch. The whole organization is in sync, with current customer information available at all touchpoints.
- Agile response. When financial institutions are able to pull information from background apps and integrations, they only need to ask applicants for new information. They can also tailor terms, rates and cross-promotions (based on business rules) so every digital visitor receives the best product/best offer based on their qualifications.
- Simple signoffs. If signature forms are presented within the digital experience, the process gains momentum. Accountholders don’t have to switch channels mid-journey, though they have the option to do so.
- Decisioning capabilities. Consumers want to log off with a resolution in place, whether that’s a new account, new card or funded account confirmed. Decisions should be quick and clear, so consumers know exactly what to do and expect next.
What consumers expect
Bells and whistles alone won’t win customers and increase market share. Digital capabilities need to be customer-centric, too.
Accountholders expect three things when they open an account or apply for a loan online. They want financial institutions to:
- Know them. Consumers want financial institutions to recognize them quickly and only ask for new information. Pre-fill data if they’ve already entered it elsewhere in your system, and don’t make them dig through their wallets unnecessarily to answer questions.
- Value their time. Limit the amount of data and clicks it takes to complete an application. Only gather information that’s necessary. Combine information about products and offers so they’re easier to research and select.
- Make it simple. Consumers want to open accounts and receive lending decisions in minutes, not days. Account status, terms and next steps should be straightforward and clear.
When financial institutions build with these principles in mind, they can create positive experiences and onboard more accountholders, more quickly.
Digital Account Opening
Fiserv offers a full range of solutions through a digital lending and account opening platform that is flexible to help you meet ever-changing consumer needs.
How to start
As a first step, define your financial institution’s digital ambition.
When it comes to lending and account opening, “digital” means different things. In one organization, it could be a static form that’s presented online and processed behind the scenes. Or it could be a “hands-free” experience, where an entire application is completed in minutes, without manual intervention.
To decide which level of digital your institution is ready for, look at your processes and ask these questions:
- What steps are required to open and fund new accounts?
- What are your risk and funding processes?
- Are you willing (and able) to automate any workflows?
- What information do you need to make decisions?
- How will you protect the institution from undue risk?
- Which savings and loan products are important to make available digitally?
- How does a digital experience fit into your brand strategy?
Answering these questions helps establish your institution’s goals and risk tolerance. From there, you can build out essential skills that consumers crave.
Create a digital advantage
Keep in mind that templated solutions are available, so it’s possible to put an impressive digital experience into the market quickly. With an end-to-end digital solution, you can open accounts and fund loans faster, growing your portfolio without increasing acquisition or overhead costs.