Digital banking provider Bankjoy, today announced the launch of Online Account Opening 2.0, which enables financial institutions to quickly and seamlessly onboard new members and clients, enhancing the first digital experience while driving deposit growth.
With Bankjoy’s new, standalone Online Account Opening platform, financial institutions can enroll new clients and members using a fast 90-second onboarding process that verifies user identity through ID upload and selfie matching, offering a secure and efficient account opening experience.
Bankjoy's Online Account Opening platform integrates seamlessly into core systems, enabling a fully automated, real-time account opening process. The onboarding process is also optimized for mobile, online and in-branch channels, giving users the option to enroll using their preferred channel. Financial institutions can easily configure the onboarding workflow to include account funding, types of accounts, beneficiary or employment information, and more.
“A poor online account opening experience is a major hurdle for growth at financial institutions of all sizes,” said Michael Duncan, CEO of Bankjoy. “According to Cornerstone Advisors, only 14 percent of banks and credit unions in the U.S. said that their abandonment rate for digital applications for deposit products was less than 10 percent. A quarter of the same firms said they were seeing rates higher than 50 percent. Oliver Wyman research shows that only 30 percent of prospective clients will visit a financial institution’s product page and of those, only 13 percent will complete an application to open an account.”
Duncan continues, “Consumers often abandon account opening applications because the process is too lengthy, forms are overly complex and there is often a requirement to visit a physical location to finish enrollment. Bankjoy’s Online Account Opening platform is designed to address these issues and streamline the account opening process to positively impact a new member or customer’s digital banking experience, increase conversions and drive deposit and loan growth for institutions. We look forward to empowering more community financial institutions to achieve their growth goals with an improved account opening experience.”