Compliance Systems has launched the first mobile-enabled online account opening solution, which enables financial institution customers and members to open accounts up to ten times faster, it claims.
The new solution streamlines documents and hosts unique content such as embedded videos and tutorials to ensure financial institutions can improve relationships with customers.
This new tool is initially being made available for consumer deposits, while commercial deposits support will come later in the year.
Compliance Systems Chris president Appie said, “Streamlining documentation and enabling transparent, consumer-centric content helps financial institutions begin meaningful relationships with customers and members – one built with a sense of ease and understanding.
“Banks and credit unions can now improve the new account opening process using this mobility-first solution as we have been able to combine speed with data and compliance to ensure a safe and seamless account opening experience that rivals some of the online retail interactions consumers enjoy.”
The new tool is being used by Encore bank, which is using the embedded identification verification in their online account opening platform to confirm a prospect’s identity.
Encore Bank executive vice president Erin Simpson said, “Everything we do is driven by advancing our customer’s banking journey, which includes adopting a mobile-first perspective, and one of the most critical parts of that is online account opening.
“We wanted to offer the fastest, most consumer native service with the least friction for our customers and staff, which is why we chose to add Compliance Systems’ mobile-enabled documentation to our account opening process. Our customers can open accounts in as little as 2.5 minutes versus what once took 30 minutes in branch.”
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