Online account opening (OAO) is a cost-effective way for banks and credit unions to build relationships with customers digitally. By making it effortless to apply for an account, your institution can ensure that a high proportion of those who start an application follow through.
High-performing OAO solutions have been shown to deliver a 20% (or greater) lift in new account sign-ups, with no additional marketing spend and net new customers representing around 60% of sign-ups.
Unlike other banking software, OAO can change the math by:
- Expanding your institution’s reach
- Lowering the cost of deposits
- Reducing compliance overhead
- Minimizing fraud losses
Download our white paper and see how OAO helps community institutions leverage their personalized approach to onboard new customers.