Webinar Highlights: Digital Account Opening

Written by Emma Schoth | August 02, 2022

In June, we hosted a webinar featuring a first look at Digital Account Opening for Businesses including a live demo of the solution.

During this session, leaders of our product team joined us to share insights into digital account opening and why it’s important for financial institutions that want to remain competitive in small business lending.

We’ve gathered the highlights from the session and created four short video clips to share what should be top of mind for lenders considering purchasing a digital account opening solution.

Digital Account Opening For Businesses Webinar Highlights

With Digital Account Opening for Businesses, lenders can enable their business customers to apply for a loan and a deposit account in one, fast and easy application. Get an inside look into how this new product is transforming the way financial institutions lend to businesses in the clips below.

Creating a Better Experience for Business Borrowers
One of the biggest takeaways from the pandemic for banks and credit unions is that experience matters, especially for small business customers. The employees of your institution are undoubtedly providing top notch customer service; however, if the experience with your products lags, the incredible customer experience might not be enough to avoid customer turnover.

As a result of higher expectations, customers are becoming less loyal to their financial institutions and more likely to leave for a better experience. In fact, according to a recent survey of small and medium-sized enterprises (SMEs) from Oliver Wyman, 75 percent of SMEs reported that they have little to no loyalty to their financial institutions. This places a sense of urgency on digital transformation for traditional financial institutions. If lenders aren’t focused on developing an excellent digital customer experience for their borrowers, there’s a chance that they will lose them to a more digitally mature lender.

We sat down with a $3B bank to learn what their process looked like for opening a deposit account after they have already been approved for a loan and found that it was a tedious process for both the bank and the borrower.

In this clip, our Vice President of Bank Products, Michael Desimone, shares how the bank took a legacy process and turned it into a best-in-class digital application experience.

Plaid Integration
In the development process of creating Digital Account Opening for Businesses, external funding of deposit accounts was the number one product feature requested by our customer financial institutions.

In order to meet this need for lenders, we partnered with Plaid to create an experience that allows borrowers to fund the deposit account using an external source in the same application.

In this clip, Michael shares more about our integration with Plaid, and why it’s an important part of the deposit account opening process.

Playbook: Delight New Customers
Lenders that are using Digital Account Opening for Businesses are able to drive profitability in the small business segment by attracting new customers with an excellent experience. In under 12 minutes, borrowers have the ability to close a loan and open a business account from anywhere. This omni-channel experience allows borrowers to choose how they interact with their financial institution.

In this clip, Michael shares how lenders are leveraging Digital Account Opening for increased efficiency and success in small business lending.

For a more in–depth look at Digital Account Opening for Businesses, you can watch the full recording of our June 28 Webinar, including a demo of the solution, here.

Keep up with the Latest from Numerated

On August 23, we will be hosting another webinar featuring an update on our product roadmap for the next 12 months. During this session, our product leaders will share an update on recent product releases and share the new features and products that will be launching in the next year.

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