Seriously now, how hard could opening a bank account through digital channels be?
Enter some information about yourself in a form, provide proof that you are who you say are, and fund the account. How hard could it be to open a bank account through digital channels?, “Twenty-five years into the commercial internet and banks still haven’t adapted to the most basic element of online capability, namely onboarding a customer.”
Digital account opening has been at the top of the list of technologies financial institutions intend to add or replace for the past three years.In addition, three-quarters cited digital account opening as an important element to their fintech-related plans for this year.Banks often anticipate an increase in application volume after deploying digital account opening systems, only to be disappointed when the volume doesn’t materialize.
Consumer preference to apply digitally isn’t the only factor forcing banks to get digital account opening right.
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