Cornerstone Advisors Report: Five Mistakes to Avoid in Digital Account Opening
Digital account opening is a top priority at many financial institutions, for good reasons. With loan-to-deposit ratios above or approaching 100%, banks and credit unions can’t afford to lose out on potential deposits due to ineffective or inefficient account opening processes. A “friction-free” process is essential to the digital account opening experience but achieving this goal may be harder than it looks for institutions jumping into the DAO waters.
“Not long ago, most financial institutions basically had the same digital account acquisition capabilities. Not anymore. Leading institutions are pulling away. Banks and credit unions that don’t provide end-to-end digital account opening must upgrade quickly.” – Cornerstone Advisors