AI is Accelerating These Trends – Are You Ready?
With the rapid evolution of technology and increasing regulatory demands, financial institutions (FIs) face the dual task of enhancing operational efficiency while mitigating risks.
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Fast and Frictionless: Deposit Account Opening with nCino and Plaid
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.
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%.
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.
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.