In an era where banking is increasingly moving online, the way financial institutions onboard new customers is undergoing a significant transformation. With 47.5 million U.S. consumers expected to have at least one digital-only bank account by 2024​​, the pressure is on for banks and credit unions to adopt efficient online deposit opening software. But what exactly should these software offer? Let's dive into the essential features that make a deposit account opening platform stand out.

1. Instant Account Funding Options

Historically, Banks and CUs waited for the initial deposit after account opening. But instant payment solutions have struggled to integrate seamlessly with deposit systems, affecting efficiency. Now, certain online deposit platforms achieve a 30% instant funding rate, while others excel, delivering a 70% to 80% instant funding attach rate. Incorporating ACH, debit, and credit card options, these solutions boost customer satisfaction with swift transfers into new accounts. Enhanced by Real-Time Payments (RTP), these deposit software provide an unmatched, seamless funding experience from the start.

2. In-Session eSignature Integration

The integration of in-session eSignature completion represents a substantial advancement, eliminating the necessity for separate email requests while elevating the customer experience. This integration simplifies the process, reduces the need for repetitive steps, and improves overall efficiency. Platforms that incorporate in-session eSignature integration provide a smoother and more streamlined account opening journey for customers.

Read Case Study - Account Opening Excellence: A Credit Union's Achievement of 90%+ eSignature Completion and 70%+ Instant Digital Funding

3. Real-Time Core Onboarding

Seamless integration with core banking systems ensures immediate operability of customer accounts post-approval. Delays can lead to customer dissatisfaction, making real-time processing capabilities a crucial feature. Modern Online Deposit Software streamline the onboarding process for successful loan applications by integrating them in real time into your Core system via APIs. This efficient system ensures a seamless transition from application approval to account activation.

4. Comprehensive Fraud Detection

In the digital banking era, robust fraud prevention is critical. Identity fraud resulted in massive losses of $16.9 billion in the year 2019 alone. The new-age Deposit Platforms address this by integrating advanced features such as in-session and instant ID verification, using image recognition for comprehensive KYC and fraud detection, and supporting multiple ID forms, including driver's licenses and passports.

5. Personalized Cross-Sell Opportunities

Personalization in banking is crucial for customer retention and revenue growth. Accenture reports that 91% of consumers are more likely to shop with brands offering relevant recommendations​​, underlining the importance of personalized cross-selling in online deposit software. By presenting tailored, money-saving offers at the conclusion of the account opening process, modern platforms significantly enhance customer engagement and drive revenue growth.

6. Driving CD Growth 

An ideal deposit platform enhances Certificate of Deposit (CD) growth by streamlining the opening process, crucial in today’s higher interest rate environment. The software should enable seamless transfers from existing accounts, such as checking to CDs, attracting high-value deposits. This approach minimizes manual interventions, making CD investment more accessible and user-friendly, and effectively responds to the evolving needs of depositors.

7. Efficient Product Bundling

A report by McKinsey highlights that customers favor bundled banking products for their ease and added value. In response, cutting-edge deposit systems excel by offering streamlined product bundling. Customers can easily select from various account types like Checking, Savings, Money Market, High Yield, and Investment accounts all in one application. This approach not only aligns with customer preferences but also significantly enhances the efficiency and attractiveness of the banking experience.

The digital banking revolution is here, and with it comes the need for online account opening software that are efficient, secure, and customer-focused. CreditSnap's Account Opening and Lending Platform rises to meet these needs, designed to cater to the modern consumer and aid financial institutions in maintaining a competitive edge. Experience the transformative impact of CreditSnap on your account opening process. Email us at community@creditsnap.com or set up a straightforward demo at a time that suits you best.