How to Open Deposit Accounts in Under 3 Minutes
If you’re taking more than 3 minutes to open a retail deposit account, you’re losing customers to the challenger banks and money-center banks — and those customers aren’t coming back.
Consumer demands are changing fast, and banking technology isn’t keeping up. If you’re taking more than 3 minutes to open a retail deposit account, you’re losing customers to the challenger banks and money-center banks — and those customers aren’t coming back.
What does it take for community institutions to compete with Chase or Chime? You need real-time core integration, KYC/AML automation, best-in-class fraud tools, and instant account verification. The result: up to 3.25x increase in initial funding and 3.8x increase in net conversion. Watch this on-demand webinar with Jim Marous and MANTL CEO Nathaniel Harley to learn how you can keep up with the competition.
Key Takeaways:
- With the right technology, your digital branch can be your best-performing branch, period.
- Your goal should be to open at least 20% of consumer deposit accounts online in under 3 minutes.
- What would that mean for your institution? How many branches does it take to open 20% of your accounts? What did those branches cost?
- The highest-performing institutions should aim to open 30-40% of consumer deposit accounts online.
- With the right solution, over 90% of deposit accounts can be opened with zero human intervention.
