5 Milestones for Digital Banking Account Opening Journeys

Introduction

The rise of Alibaba, Amazon, and other digital e-commerce has convinced customers that they can have an endless variety of products delivered instantly. This is putting immense pressure on banks to embrace the instant fulfilment way of banking and keep in sync with advancing innovations and evolving customer preferences. Hence, banks, once considered the epitome of hulking bureaucracy, have now adopted the digital way as a thoughtful gesture. Here are the five key milestones through which digital banking customer journey designers can empower banks to make the account opening process simple and lightening quick:

1. Get deeper prospect/customer intelligence with AI– Bankers already have mountains of customer data. By itself, its a useless dump. But by applying AI-powered pattern identification to customer profile data, banks can differentiate themselves by offering personalized digital journeys. Such intelligence can also be a valuable addition to customer segmentation for targeted campaigns. Customization can make digital account opening journeys faster, relevant, and intuitive.
2. Instant fulfilment– Once upon a time, account opening took about a week. Today, banks are able to offer instant account openings. Mobile has made instant gratification a habit for customers. Thanks to digital journeys that have seamless integrations with multiple systems, including social registry and credit rating agencies, customers are instantly able to get banking accounts. This translates to great customer delights.
3. Omnichannel continuity– The ability to start, pause, and complete a digital journey is a crucial hallmark of digital. For instance, a customer pausing a purchase journey on a desktop can complete the journey on his mobile later. Or the agent in charge of the product can receive a notification about the incomplete journey and can assist the customers in real time.

1. Automation with straight through processing– Customer onboarding and service requests can be resolved quickly through automation with straight through processing. Bankers can, by themselves, through  digital journey STPs resolve routine customer requests like profile, address update, checkbook request, etc. A great visual journey designer can provide end-to-end customizable journeys for instant gratification.
2. Automating the customer verification process for eKYC– eKYC is a major contributor to delivering instant account opening. With seamless integration with credit rating, social number databases, and custom anti-money laundering (AML) filters, banks can determine the credit worthiness of customers and prospects and quickly use the intelligence to deliver attractive personalized offers, thus inspiring adoption and customer delights.

Conclusion

Banks with smart digital customer journey designers can improve customer experience by providing faster account opening, customizable products to meet the unique needs of customers, and lay down a strong foundation for building long-lasting customer engagement relationships.