Banks must improve agility in the account opening process
Creating state-of- the-art, nimble account opening and onboarding initiatives is crucial for banks and credit unions. Cutting-edge functionalities within the account opening process such as DDS and end to end credit card approval represent a transformative milestone in digital banking. It is critical for banks and credit unions to implement these features to capitalize on growth opportunities in the ever-changing economy.
Account opening solutions have undoubtably emerged as one of the most essential initiatives a financial institution should invest in. In fact, account opening has been a very hot topic in Cornerstone’s What’s Going On In Banking for the past four years. So what lies ahead? With technology and consumer demands rapidly evolving, it is now not sufficient to solely have a streamlined account opening process. It must have mounds more.
Account opening solutions must first and foremost be agile to keep pace with new technological developments. Unfortunately, financial institutions are falling behind in investing in the most nimble onboarding systems. In 2024, digital checking account openings declined as a result of bottlenecks in improving account opening systems and evolving demographic shifts. Banks and credit unions need to strategically invest in account opening platforms in order to reverse the decline in digital checking account opens.
Essentially, it now falls below expectations to buy or build a simple account opening solution. It is pivotal to institute a complex onboarding platform that has multiple, state-of-the-art functionalities and has the capacity to quickly intake new enhancements people desire.
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