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How to Deliver Standout Account Opening Experiences

Posted on February 3, 2022 at 12:01 am.

Written by Erin Register

Building out an efficient account opening process can be a challenge for financial institutions that want to provide great experiences for both consumers and businesses — but it can also be an opportunity.

An excellent account opening experience offers convenience at every step. It allows customers to perform critical account opening functions from anywhere, at any time, while also boosting efficiency for your institution’s internal team. Banks can deliver standout account opening experiences using an omnichannel approach that allows applicants to open accounts through multiple channels, suiting the needs of any consumer or business.

To understand why omnichannel is key for effective, flexible account opening, it helps to examine the challenges that individual consumers and businesses currently face when opening accounts.

  • Legacy systems. Using old and outdated technology can result in repetitive, overcomplicated processes that force applicants to redo steps or supply large amounts of disparate information. Still, nearly half (49%) of financial institution respondents to a Onespan survey say they rely on legacy systems with manual processes.
  • Identity verification and document collection. Proper identification is necessary to open new accounts, but validating a customer’s identity through digital channels can be especially tricky and time-consuming if an institution relies on legacy methods. Some banks are already taking steps to move away from these outdated techniques and are seeing less customer abandonment as a result.
  • Lack of guidance. Oftentimes, customers don’t receive the information they need to complete the bank account opening process. This is a significant pain point in business account openings.
  • Long processes. Many customers give up on opening an account simply because it takes too long. The Digital Banking Report found that when online and mobile account opening take more than 10 minutes and 5 minutes respectively, as many as 40% of applicants are at risk of abandoning the process.

Business owners and consumers share a strong, sweeping demand for better account opening experiences. More than half of businesses (57%) and consumers (58%) consider online account opening a “must-have” for any bank they use, according to the Banking Impact Report. Omnichannel allows banks to meet this demand today, and easily adjust to the needs of future customers.

The Difference Between Omnichannel, Multichannel Account Opening

Many banks support multiple channels for account opening: customers can open bank accounts through their preferred channel, such as online or in-branch, and through multiple digital devices, including their phones, tablets and laptops. But these multichannel account opening capabilities don’t allow customers to switch between channels once they’ve started the account opening process without restarting the process from the beginning.

Omnichannel account opening enables applicants to move freely between all channels during the account opening process. Customers and business owners can change their preferred channel mid-process without losing their progress, repeating steps or interrupting their sign-up experience. Omnichannel fosters a faster, smoother, and more enjoyable experience by allowing applicants to move across channels during the account opening process.

This also makes it easier for financial institutions to expand their reach beyond their immediate community; customers can elect to have a purely digital experience and don’t need to live near a branch to be able to use a bank.

Today, consumers and businesses crave seamless banking experiences that align with modern definitions of convenience. Research from Capgemini reveals that 76% of consumers in 2021 already expect an omnichannel banking experience.

Consumers will always prefer options that are convenient and efficient. With omnichannel, banks can deliver on this expectation, no matter where their future customers are or how they want to be met.

Tags: Account Information, Banking Technology, Consumer Banking, consumer behavior, FinTech, Omnichannel

Alexa, What’s My Checking Account Balance?

Posted on November 27, 2017 at 10:08 pm.

Written by Sicily Axton


When Capital One Financial Corp. launched its integration with Amazon’s Echo device in early 2016, it was the first bank to give customers the ability to ask Alexa about their finances. Just like she’s able to tell users about the daily news and weather, Alexa can immediately answer customers’ questions about their checking, savings, credit card, and home and auto loan accounts.

“Conversational interfaces are the future of how people will engage with technology,” said Jim Kresge, head of mobile payments technology at Capital One, in a blog post for Amazon. “The Capital One skill for Alexa has enabled us to serve our customers through a differentiated experience and most importantly, making it even easier to manage their money whenever and wherever they are. Using the new skill for Alexa, Capital One customers can manage their money easily (hands free) and intuitively (conversational UX).”

Capital One customers can also ask Alexa about transactions at more than 2,000 merchants, including Starbucks, Whole Foods and Amazon. Customers can ask about their spending on a specific date or through a select time period, using natural language.

Alexa.pngAmerican Express Co. launched its integration with Alexa in May 2017, allowing the company’s card holders to check their account information and pay bills, and also access Amex Offers, which are exclusive discounts available to customers through their American Express card. U.S. Bancorp launched its Alexa skill in September 2017, giving their customers a new way to check account balances and transaction history.

Bank of America Corp. will launch its own digital assistant, Erica, which customers can interact with inside the bank’s mobile app via voice or text message.

The era of the digital assistant
Work, communication, education and finances have evolved from being managed on paper, to the computer, to now on our mobile devices. And the evolution continues as we enter the era of the digital assistant. In addition to the Amazon Echo, key players include Google Home and the Apple Homepod. Even Walmart is making the shift. The retailer partnered with Google to offer their products to shoppers using the Google Express digital shopping mall, so Walmart customers can place orders by speaking to Google Home or using the Google Assistant on Android.

Like these leading banks and retailers, the best companies are finding ways to get rid of complicated menus in their apps and create a more convenient experience for customers. According to the J.D. Power U.S. Retail Banking Satisfaction Study, JPMorgan Chase & Co. leads U.S. retail banks in customer satisfaction levels, followed by midsized banks, big banks and lastly, regional banks.

Cust Satisfaction.jpgWhile it’s common to believe that a big bank will never be able to provide the personal customer service that a community bank can, big banks are soaring ahead with advances in technology—a leg up that is making the big banks more convenient and therefore more desired by customers.

It takes about 10 minutes to open a Capital One account online—already a score in convenience. Integration with Alexa is just as easy: Download the Amazon Alexa app and enable the Capital One skill. (“Skills” are Amazon’s name for Alexa apps.) Enter your Capital One account login information, and you’re ready to talk to Alexa about your account.

Of course, privacy concerns come into play when your bank account information is being accessed through a digital device like Alexa. In the setup process, customers can add a pin number that they’re required to tell Alexa before she shares any account information.

“Security is first and foremost in our mind as we develop any new product,” said Ken Dodelin, Capital One’s vice president of digital product management, in an interview with Mashable. The Capital One account information is encrypted, so even Amazon cannot access it, according to Dodelin.

“Our goal in developing the Alexa skill is to design for real-life conversations about money,” said Stephen Hay, head of content strategy and AI design at Capital One. “We want customers to speak naturally and feel confident we’ve got their back every time, wherever they are in life.”

Tags: Account Information, Bank Accounts, Banking Technology, Big Banks, Digital Assistant, Mobile Technology

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