How to Choose the Best Deposit Account Opening Solution?

In an era where banking is increasingly moving online, deposit account origination 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 an efficient online deposit account opening solution. But what exactly should these software offer? Let's dive into the seven essential features that make a deposit account opening platform stand out.

1. Instant Account Funding Options

Historically, Banks and CUs have waited for the initial deposit after account opening. Mainly because instant payment solutions have struggled to integrate seamlessly with deposit software, which has lead to very low efficiency. Now, there are certain online deposit platforms achieve a 30% instant funding rate, while others excel, delivering a 70% to 80% instant funding attach rate. These powerful account opening solutions boost customer satisfaction through swift transfers into new accounts via ACH, debit, and credit card options. Enhanced by Real-Time Payments (RTP), these account origination software provide an unmatched and seamless funding experience right from the start.

2. In-Session eSignature Integration

The integration of in-session eSignature completion represents a substantial advancement as it eliminates the necessity for separate email requests to elevate the customer experience. This integration simplifies the process, reduces the need for repetitive steps, and improves overall efficiency. Account Origination Platforms that incorporate in-session eSignature integration provide a smoother and more streamlined deposit 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 Deposit Account Opening Solutions 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.

Deposit Account Opening Solution by CreditSnap

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 Lending & Deposit Account Opening Software 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 deposit account origination platforms significantly enhance customer engagement and drive revenue growth.

6. Driving CD Growth 

An ideal deposit account opening solution enhances Certificate of Deposit (CD) growth by streamlining the opening process that is crucial in today’s higher interest rate environment. The account opening 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 account opening platforms 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 Deposit Account Opening Solution rises to meet these needs as it is 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.