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  1. Interesting article.you are right on about some fi’s applications being poor resulting in abandonment . The process is to make it easier for the customer or member to do business . The process is to save everyone time and money not just the FI so they can pay the CEO more of a bonus

  2. Every bank and credit union needs to have mobile optimized online account opening for consumer deposit and loan accounts. Branch traffic has shrunk over the last decade. Additionally, the needs of business users also need to be addressed via mobile optimized account opening. If an existing business customers needs to open a new deposit account or add a new child account they should not have to come to the branch. This capability is not a nice to have, it is a requirement for continued operations.

    Think about this: A savvy competitor has mobile optimized account opening that allows a new to bank customer to open a checking account, savings account and a personal line of credit in under 5 minutes. They can use data analytics to create a marketing segmentation model to target potentially highly profitable customers within a 5-mile radius of all your branches. Using a sustained multi-channel acquisition approach coupled with a modern approach to onboarding and continuous customer engagement strategy, they can easily acquire your most profitable retail customers. Can your branch profitability sustain the losses of your most profitable retail customers. These same analytical models can also be used to directly target your business customers.

    If you do not think it is possible to open a checking account (with debit card), savings account and a personal line of credit in under 5 minutes I challenge you to try a bank that can. If you have an iPhone or Android smartphone goto the app store, search for the BankMobile app, install the app and see how long it takes you.

    If you have 7 minutes to spare, watch the most recent demo from Avoka and watch as Derek Corcoran (Chief Experience Officer) applies for a credit card with the web browser on his smartphone in around 90 seconds.

    Link: ==> http://finovate.com/videos/finovatespring-2015-avoka/

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