As consumer expectations for simpler, more convenient, and personalized financial services increase, Financial Institutions (FIs) must find new, innovative strategies to create user-friendly digital experiences. Here are four ways nCino’s Deposit Account Opening Solution can level up your FI’s deposit account opening experience:
1. Elevate Your Identity Decisioning and Funding Processes
Are your FI’s identity decisioning and funding processes cumbersome? Do they result in significant abandoned applications? Do your employees lack compliance controls and transparency? If you answered “yes” to any of these questions, we’ve got good news for you.
nCino has partnered with two market-leading financial services companies, Alloy and Plaid, to facilitate faster customer onboarding, decrease manual reviews, and improve the customer experience – all without sacrificing compliance.
Alloy is an end-to-end identity management and decisioning solution to power instant decisions for Know Your Customer (KYC), Anti-Money Laundering (AML), and fraud checks. With the nCino and Alloy partnership, your FI can accelerate and simplify the onboarding process by automating identity verification – resulting in a 95% reduction in manual reviews, a 50% reduction in fraud, and 98% automated decision on consumers during onboarding.
Plaid is a financial services company that powers the digital finance ecosystem, enabling consumers to connect their financial accounts at over 12,000 institutions globally. The nCino and Plaid partnership allows your customers to instantly authenticate their account and routing numbers, making it easy for them to link their accounts held at other institutions to fund depository accounts with your FI – leading to increased account funding rates and decreased abandonment rates. Together Plaid and nCino offer fast, seamless, and secure account authentication in as little as 7 seconds.
With the help of these new partnerships, your FI can now meet your customers’ account opening expectations while fighting fraud and increasing operational efficiency.
2. Offer a Multi-Channel Account Opening Experience
Physical branches and digital channels have an equally important role to play in the account opening experience. A recent survey from Deloitte corroborates this, noting that “branches have not lost their relevance in the post-pandemic world, and they remain important for Gen Z and Boomers alike”.
Rather than viewing an online account experience as a substitute for an in-branch experience, both channels (digital and branch) should complement each other.
In order for this to happen, your FI’s online and in-branch account opening solutions should be on a single platform that can seamlessly exchange data between physical and digital channels and offer your customers a multi-channel account opening experience.
3. Bring the Human Touch to Digital Banking Channels
Today’s consumers have come to expect fast, simple service; however, there are still times when consumers desire high-touch human engagement without having to visit a branch. It is imperative that FIs find ways to humanize the online account opening experience they provide their customers. That is one of the reasons nCino has partnered with Glia for digital customer service.
With nCino and Glia, you can meet your customers online at their desired point of communication, whether that is chat, messaging, audio, or video.
According to Glia, FIs equipped to make this leap have seen a 14% increase in Net Promoter Score (NPS), a 22% increase in sales, and a 35% decrease in abandonment rates. While a customer might not have questions on how to open an account online, they may want to engage with you digitally to answer other questions about the types of accounts throughout their financial journey.
4. Serve Both Consumers and Small Businesses
nCino’s Deposit Account Opening Solution enables FIs to serve both consumers and small businesses on a single platform. This is significant, as many small business owners now expect a digital account opening experience that is as seamless as their consumer banking experience. Deloitte found that in the United States, this shift was largely driven by the Small Business Administration’s Payment Protection Program (PPP), which demonstrated to small business owners that digital experiences are possible in financial services.
The reality is that, just as customer expectations have changed, so have the expectations of small business owners.
FIs are at risk of losing their small business owners to competitors such as fintechs that provide faster, easier online account opening capabilities. One way your FI can stay competitive and meet the needs of small business owners is by providing an online account opening experience that enables them to apply, open, and fund a new account in as little as 3 minutes.
Ready to Learn More?
To learn more about how nCino’s Deposit Account Opening Solution can help your financial institution, schedule a demo today.