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  1. Arnold denton says:

    Actually this good. The governments should make it the law to combat fraud money laundering and related offences. The banks will benefit by meeting the customer face to face And can upsell as well as establish a relationship with the person.

  2. This makes it sound like we are purposely choosing to make the account opening process more difficult than it has to be. Do we have a choice? I would love for the entire process to be digital, but meeting a new customer face to face and verifying ID reduces serious fraud and ID threat risks.

    It’s great using other industries as examples of what is possible, but saying “other industries are offering completely digital experiences” when those “other industries” have very little in the way of regulatory governance is a little unfair. Yes, Uber can create a customer in under 5 mins using nothing but a mobile app and a credit card, but do they have dozens of federal regulations and compliance hoops to jump through every single time a customer signs up? Not to mention that the credit card the new customer used has all the due diligence and ID verification they need built right in. You could even say, because our strict (and even frustrating) procedures, we make it easier for these other industries because they rely on us doing that.

    Can the account opening process be easier? Yes. Are we lagging behind in terms in tech? Most of time. But are we also playing with one hand tied behind our back, having to follow the (often changing) rules of the government as well as being limited by our Core? Absolutely!

    Perhaps a better subtitle for this article would be, “Research reveals that banks and credit unions ARE FORCED TO BRING new customers into branches to complete new digital account openings while other industries are offering completely digital experiences.”

  3. It would be nice to see the FB compare digital account opening abandons across industries – comparing to other industry “cart abandon” metrics.

    The reality for most community banks, reading this article, is that very few end-to-end account opening and funding software providers integrate with legacy core systems. Dev costs for customized software to write to old cores, or a core upgrade, are significant for most community banks. Worth it? Maybe. But embarking on custom programming brings another host of vendor issues, and a core change isn’t sold on OAO alone.

    Not to make excuses for community banks, but instead I’m simply underlining some of the issues here, rather than cherry picking data and assuming negative intent on community banks’ part. Far easier to wag a finger then help an industry solve a complex and frustrating problem.

  4. Chris Yaldezian says:

    I would like to see a follow up. After opening the first account (and presumably properly ID once) how easy is it to open additional accounts entirely online or via mobile apps?

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