On-line account-opening capability needed as more customers turn to the Web.
Position | Marketing News |
Banks should take another look at the online channel as a way to raise core deposits and better position the institution to weather the current economic storm, according to Dinesh Sheth, CEO of uMonitor, Memphis, a provider of customer acquisition and retention solutions.
A few years ago, online account opening and funding technology was a novelty and perceived as being too expensive or too leading edge for the average bank's investment, says Sheth. Today, advancements in technology have made online account opening and funding both affordable and profitable for any financial institution, claims Sheth.
Launching the solution should cost only 5 to 10 percent of what a new branch would call for, and with at least 10 percent of existing application volume predicted to move to the Web immediately, producing evident returns. Additionally, online account opening and funding can reduce the costs associated with application processing and on-boarding new customers by half, Sheth adds.
Banks should also consider implementing an online money management service, a secure and reliable way to transfer funds and close an old account (at a competitor's institution.) This simple ACH-transaction-based money transfer service helps decrease abandonment rates and saves time for all parties involved. Even if a customer wishes to keep old accounts open, money can easily be moved between institutions to increase convenience and build stronger relationships, says Seth.
Financial institutions investing in an Internet account opening solution need to find a solution flexible enough to grow with their institution and meet steadily increasing demands. They should have a long-term plan for its Web site that eventually offers all of its services online. "Competitive institutions are doing this sooner rather than later," says Sheth.
Research firm Forrester predicted the number of households that bank online will grow by 55 percent over the five-year period of 2006 to 2011 and the total online banking penetration is projected to reach 76...
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