5 Reasons You Need Digital Account Opening with IgniteConnex
Written by Jeanne Moore
Why Digital Account Opening Should Be a Focus
Let’s start with the opportunities you’re potentially missing out on if you’re not utilizing Digital Account Opening in your financial institution. Many businesses won’t even consider using a bank or credit union if they don’t offer online account opening (OAO) even if they have no need for the service. In a study by Kabbage, 21% of consumers and small business leaders cited wanting to use an online banking service as the reason for moving to a new banking institution.
Additionally the article states that “nearly one-third (32%) of small business leaders said they’ve changed financial services providers in 2021, and of the remaining 68% who haven’t changed providers, 26-27% said they intend to change their personal and business checking accounts in the next six months, respectively.” While this might sound like a disaster for small institutions that are still working on their digital solutions, it’s actually a huge opportunity to capitalize on this section of the market that is openly admitting to looking for better options for their banking than their current bank can provide.
Pandemic Effects on Company Digitization
We’re all aware that the pandemic threw the world into a tailspin. It also pushed companies across the world to hurriedly finish, or begin onboarding clients through online services. Banks and credit unions are not alone in feeling the rush to stay afloat in the economy as it shifted to digital solutions.
Forbes references studies that show the rising trend in digital account opening overtaking in-branch applications as far back as the first quarter in 2019. This is especially true for secondary checking account openings, which can be a major factor for smaller financial institutions in competing for relevance. Additionally, Statista shows the growing trend of digital banking use hitting over 60% of the population since before 2018. The need for banking institutions to provide online banking experiences is here to stay, not just as an emergency reaction to the pandemic.
How Does IgniteConnex Allow Community Banking and Credit Unions to Remain Competitive?
IgniteConnex offers a streamlined, configurable process that is convenient for both customers and staff. It speeds up the account opening process for consumers and business accounts, allowing your institution to serve more customers in less time. Additionally, it integrates seamlessly with your existing systems and infrastructure, making it easy to implement and use. IgniteConnex chooses to provide affordable digital account opening software to small financial institutions. They provide expert teams highly experienced in the financial sector.
Competing with major banking institutions that have digital resources and even mobile banking superiority can feel like a losing battle. If you’re feeling at-a-loss as you steadily watch shrinking deposit revenue and struggle to stay relevant in this ever-digitized environment, you’re not alone! The ongoing fight to take back banking and provide affordable, scalable, and person-first solutions is hugely popular. IgniteConnex provides a team of experts with years of field experience. They help you engage with your company’s values while still providing banking customers with the solutions that they need.
IgniteConnex Provides Digital Account Opening with a Number of Benefits for Small Financial Institutions.
If you run a financial institution that offers digital account opening, IgniteConnex can be a valuable tool for you. Here are the top 5 benefits of offering Digital Account Opening with IgniteConnex:
IgniteConnex offers a streamlined, paperless process that is convenient for both customers and staff. Speeding up the digital account opening process allows your institution to serve more customers in less time. IgniteConnex effectively reduces onboarding time by 90%. This also helps bank staff take a step back from lengthy and arduous hard copy files. Additionally, it takes pressure off of clients to provide endless information at multiple points. This increased efficiency also helps lower the risk for errors which leads to significant cost savings for your company.
- Competitive Edge
Saving time and money allows your institution to continue focussing on what it does best. IgniteConnex is the fast and efficient way to implement digital account opening, with accounts being available for use in a matter of minutes. They also provide experts to assist your small financial institution access digital software without having to invest in staffing a whole new department.
- Highly Integrable and Configurable
IgniteConnex easily connects to your existing legacy systems. Seamless integration with existing systems and infrastructure is one of the major concerns with advancing digital account onboarding. IgniteConnex makes it easy to implement and use, as well as configure and integrate with your legacy systems. So you can get started without breaking the bank.
- Secure and Encrypted
Client information is always safe and secure with IgniteConnex. They use the latest encryption technology to protect your data (AICPA-certified and SOC2 compliant with continuous compliance automation by Vanta.com). Secure, compliant, and multiple data tools and sources used in digital account opening actively reduce fraud. You can be confident that digital account opening is a safer option for you and your clients.
- Happier Customers
Meet customers where they’re at, and keep your institution up to their standards. Digital account opening can lead to happier customers who are more likely to recommend your company to others. Not only are you providing the online experience that the market is demanding, but you’re also freeing up time to allow your institution to shine in what it does best – customer experience.
Banks and credit unions have always been the leaders in providing consumers with personalized needs. Digital account opening is one of those items that has become ubiquitous in the industry. Just like unlimited call time for cell phone providers, most next gen customers will barely use their phones to call people. If available plans only suggest a limited amount of minutes the company is seen as outdated and backwards. By just having the service available, it will increase the likelihood that they’ll choose your company over a competitor.
When you partner with IgniteConnex, you’ll work with a team of former banking professionals who understand your challenges and goals, and are committed to deploying a scalable, cost effective, end-to-end onboarding solution that will deliver the digital efficiencies customers have come to expect.
If you’re looking for a digital account opening solution that will streamline your processes and improve your customer service, IgniteConnex is the right choice for you. Schedule a Discovery Meeting with us today to get started.
- You’re missing important opportunities if you’re not utilizing Digital Account Opening options in your financial institution.
- Client information is always safe and secure with IgniteConnex. They use the latest encryption technology to protect your data.
- Speeding up the digital account opening process allows your institution to serve more customers in less time.
- Increased digital efficiency helps lower the risk for manual errors which leads to significant cost savings for your company.
- With IgniteConnex, you’ll work with a team of former banking professionals who understand your challenges and goals, and are committed to deploying a scalable, cost effective, end-to-end digital onboarding solution that will deliver the digital efficiencies customers have come to expect.
Join us on social media to stay up to date on banking technology, executive insights and industry news.