Online or Digital: Navigating Account Opening Options
For commercial banking, there’s key differences between online account opening and digital account opening.
At nCino, we’re often asked about our online account opening capabilities—we call it Commercial Onboarding and Account Opening, because when it comes to commercial banking, most new business is not sourced online via digital marketing.
There have been many incredible success stories of rapidly scaling banks leveraging online account opening for consumers, but businesses are different. The majority of commercial banks grow their client base through talented bankers who leverage their unique strengths to gain business from trusted relationships. In a relationship banking world, you can’t extend your consumer online account opening to manage businesses and expect success. Instead, you should think relationships first, and then leverage technology to open an account in whichever way businesses wants to engage.
The most successful commercial bankers, who create the best customer experiences, do so by offering flexibility and a process that makes the most sense for the business.
Some commercial customers may prefer in-person communication and meetings over lunch. At the same time, younger generations may prefer to do everything from their smartphones.
Regardless of your preferences toward technology, relationships matter. Banks with the most powerful relationships are most likely to have the strongest customer retention. If success is driven by client loyalty, then client loyalty is driven by relationships.
Most commercial banks who have seen record growth with incredible account opening technology usually did so with an incredible banking team behind it, alongside a smart marketing strategy. Just enabling online account opening doesn’t automatically generate deposits, but having a platform that is able to open an account in any way the client wants is a very helpful enabler for effective campaigns.
What technology and digital account opening do is enable all of the other factors that do bring in deposits, including attracting top talent, enabling marketing creativity, and improving back-office efficiency.
By making the lives of bankers easier, increasing customer retention, and freeing up time to build more relationships and scale, digital account opening is what truly helps increase deposits.
Online account opening came from consumer banking, but not every retail strategy will work when it comes to commercial banking.
At nCino, we understand that commercial banking is different. We built our solution from the ground up for commercial banks. It’s what makes us fundamentally different from other solutions and allows bankers to interact in the ways they know best.
Commercial banking will always be known for its high level of service and close customer relationships. With nCino’s Commercial Onboarding and Account Opening, commercial bankers are empowered to offer streamlined and seamless account opening and focus more on their client.
Want to see the difference our focus on commercial banking makes? Schedule a demo today!
Opening a commercial bank account is a significant decision for any business. All businesses are unique entities with operational requirements, product needs, and shareholder arrangements, and the choice of a bank as a business partner is often a relationship-driven decision.
It is possible to implement technology in your bank while maintaining the human touch. Commercial bankers know their business is different to retail.
Rising interest rates can have a significant impact on financial institutions. In today’s rapidly changing rate environment, it is increasingly important for FIs to understand and take action to prevent significant risk to their institutions. Costs are rising everywhere. Whether you’re buying eggs for breakfast or gas for your weekly trip to visit family, everyone is feeling the shift in economy in some way or another.
This environment can place stress on families, individuals and businesses, but it can also have a large impact financial institutions (FIs). Times like these are often characterized by a rise in interest rates, which are fundamental to the business of banking. Rapid changes in rates can affect an FI’s sources of revenue and lower the total value of its assets and liabilities. Without having risk management strategies in place, these changes can have significant impacts on an FI’s financial safety and soundness.
While we can’t lower the cost of your breakfast, we can give you some tips on how to understand the interest rate increases and best prepare your institution to weather them.
Midwest community bank moves to single platform to help ensure customer experience is at the forefront of every interaction.
