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Top 7 Account Opening Predictions for 2017

What you need to know now to take advantage of digital trends

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  • Written by  Bottomline Technologies
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  • Comments:   DISQUS_COMMENTS
Top 7 Account Opening Predictions for 2017

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

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This white paper is brought to you by: Bottomline Technologies

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