Research shows that while 70% of applicants would prefer to submit a digital application, less than a quarter of new checking accounts are opened online. The gap suggests a poor user experience, an area in which financial institutions lag other sectors. That, in turn, points to the first prediction in a white paper from Bottomline Technologies: "User Experience (UX) Will Be Crowned King."
The user experience increasingly involves mobile devices. For some large banks over 50% of online applicants are applying from a mobile device. Bottomline predicts that figure will rise to 65% for the industry. The paper describes what needs to happen to bring this about.
Insights provided by this white paper:
1. How FIs can differentiate themselves by streamlining the cumbersome onboarding process for business accounts
2. FIs will begin harnessing available internet data to create a more holistic view of an applicant than current approaches provide
3. Increasing digitization of account openings will require changes in risk management—five approaches are presented
This white paper is brought to you by: Bottomline Technologies