Despite wanting to improve the digital consumer experience, research finds that the banking industry still can't fully support key stages of the digital customer journey.

In the very popular Digital Banking Reports entitled, Digital Account Opening and Guide to Multichannel Onboarding in Banking, in-depth analysis of the keys to developing successful digital account opening and multichannel onboarding solutions are provided. Leveraging years of experience from “best-in-class” organizations, these reports have become the industry’s most respected tools for organizations hoping to improve the early stages of the customer journey.

Despite these comprehensive guidebooks, a survey of financial organizations worldwide indicates that the banking industry continues to fail at supporting the account opening stage of the digital customer journey. The research also provides evidence that there are lost opportunities in growing a new and existing relationship using digital channels.

In the most comprehensive research study of its kind, sponsored by Kofax, financial institutions were asked to provide a progress report on their ability to open a new account online or with a mobile device, as well as indicate how well they can onboard new customers and cross-sell digitally. The results of the research do not paint a promising picture.

The 75-page Digital Banking Report, ‘State of the Digital Customer Journey,’ shows evidence that banks and credit unions of all sizes and not prepared to combat the increasing encroachment by fintech start-ups that focus on making every stage of the customer journey easy, seamless and contextual. In fact, there are some segments of the industry that are falling significantly behind consumer expectations.

The key takeaways from the report include:

  • The vast majority of financial institutions can’t open a new account entirely online or on a mobile device.
  • Only 16% of financial organizations provide a tablet assist account opening option in a branch.
  • Branch based ID verification and/or signatures/supporting documentation are required at the majority of organizations.
  • Multichannel digital account opening (save and resume) is not supported at most financial institutions.
  • New account opening abandonment rates are high for institutions that offer online or mobile account opening.
  • Only 55% of banks and credit unions have a “structured” onboarding process.
  • Only 22% of financial institutions onboard new customers with the “optimal” amount of communication.
  • Only 30% of banks and credit unions market products within the mobile banking app.
  • Community banks are falling behind both larger banks and credit unions in digitizing the customer journey.

Click Here to Download the State of the Digital Customer Journey Research

To read the entire article on the newest Digital Banking Report, State of the Digital Customer Journey in Banking, go to the complete article here ...