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Online or Digital: Navigating Account Opening Options

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Commercial Banking



Commercial Bank

For commercial banking, there’s key differences between online account opening and digital account opening.

At nCino, we’re often asked about our online account opening capabilities—we call it Commercial Onboarding and Account Opening, because when it comes to commercial banking, most new business is not sourced online via digital marketing.

There have been many incredible success stories of rapidly scaling banks leveraging online account opening for consumers, but businesses are different. The majority of commercial banks grow their client base through talented bankers who leverage their unique strengths to gain business from trusted relationships. In a relationship banking world, you can’t extend your consumer online account opening to manage businesses and expect success. Instead, you should think relationships first, and then leverage technology to open an account in whichever way businesses wants to engage.

Every Commercial Banking Client is Unique

The most successful commercial bankers, who create the best customer experiences, do so by offering flexibility and a process that makes the most sense for the business.

Some commercial customers may prefer in-person communication and meetings over lunch. At the same time, younger generations may prefer to do everything from their smartphones.

Regardless of your preferences toward technology, relationships matter. Banks with the most powerful relationships are most likely to have the strongest customer retention. If success is driven by client loyalty, then client loyalty is driven by relationships.

Account Opening Technology Won't Automatically Bring in Deposits

Most commercial banks who have seen record growth with incredible account opening technology usually did so with an incredible banking team behind it, alongside a smart marketing strategy. Just enabling online account opening doesn’t automatically generate deposits, but having a platform that is able to open an account in any way the client wants is a very helpful enabler for effective campaigns.

What technology and digital account opening do is enable all of the other factors that do bring in deposits, including attracting top talent, enabling marketing creativity, and improving back-office efficiency.

By making the lives of bankers easier, increasing customer retention, and freeing up time to build more relationships and scale, digital account opening is what truly helps increase deposits.

Digital Account Opening that Puts Commercial Banking First

Online account opening came from consumer banking, but not every retail strategy will work when it comes to commercial banking.

At nCino, we understand that commercial banking is different. We built our solution from the ground up for commercial banks. It’s what makes us fundamentally different from other solutions and allows bankers to interact in the ways they know best.

Commercial banking will always be known for its high level of service and close customer relationships. With nCino’s Commercial Onboarding and Account Opening, commercial bankers are empowered to offer streamlined and seamless account opening and focus more on their client.

Want to see the difference our focus on commercial banking makes? Schedule a demo today!