1. I might also add that the entire application process starts upstream, with digital and mobile research. Typically, calculators, educators, and product comparison content help the in-market consumer determine whether or not to proceed, and what product to prefer. If we are serious about OAO productivity, we must be able to bring critical info from the research and comparison process into the digital account opening platform. That way,the consumer can start with his/her goal, self service thru research and comparisons to his/her product choice, and move into closing and funding across multiple devices, channels, and moments in time.

  2. Another great article Jim. The base problem, account opening, has been broken for decades. It has been broken for new to bank customers and existing customers. Imagine being an existing customer who wants to open a new account and have to enter ALL their information into a form or device. Customers always question why they have to enter information they know the bank already has.

    Every banker should open an account online at their own institution and at all their competitors and document the process. Watch the Avoka videos of loan account opening and open a deposit account at BankMobile. Compare and contrast. If your process is not as efficient as the Avoka and BankMobile account opening process you have some work to do.

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