Thought Leadership |

Fast and Frictionless: Deposit Account Opening with nCino and Plaid




Other Topics

Deposit Account OpeningCloud Banking PlatformDigital Transformation


key points
  • When looking for an FI, today’s consumers have a plethora of options not only limited to traditional banks.

  • A faster account opening experience can give your institution an edge.

  • Deposit account opening with the nCino + Plaid partnership can reduce onboarding time to upgrade customer experience.

Today’s consumers no longer compare banks solely with other banks. Instead, they’re weighing the convenience, speed, and personalization of their financial institution against the service they receive from companies such as Netflix, Uber, and Amazon. And in many cases, traditional banks limited by cumbersome manual processes simply can’t keep up.

This is perhaps most apparent in the deposit account opening process, where asking a customer to enter sensitive financial information and then wait up to three days to verify micro-deposits can feel slow, frustrating and full of friction.

In fact, research has quantified just how important a quick account opening experience is:

  • According to a recent Digital Banking Report, the abandonment rate for online account opening is 19%. Abandonment rates increase significantly as the time required to complete an application increases.

  • A 2022 benchmarking survey from Celent reported that 75% of FIs noted their completion rates were less than 60%. None of the FIs had a completion rate greater than 80%.

A New Way Forward

Thanks to nCino’s new partnership with Plaid, all that is about to change. With the nCino + Plaid partnership, consumers and businesses can open and fund account online in 1–2 business days.

Plaid is a data network powering the digital financial ecosystem, which enables consumers to connect financial accounts at over 12,000 institutions globally to more than 6,000+ apps.

This new partnership with nCino allows financial institutions’ customers to instantly and securely authenticate their financial accounts, making it easy for them to fund depository accounts.

With Plaid and nCino, FIs can reduce onboarding friction, resulting in an increase in rates in which customers successfully open and fund new accounts and achieve numbers like the following:

  • 7 seconds: Plaid connects to users bank accounts in as little as 7 seconds

  • 3.2x: An online bank saw that users who linked an account with Plaid were 3.2x more likely to fund their account

  • 130%: One of Plaid’s FI customers saw a 130% improvement in its overall conversion rates after integrating with Plaid

With the nCino + Plaid partnership, your financial institution can upgrade your customer experience and acquire more customers. To learn more about this partnership, download our one-page white paper.