MEXICO CITY, MEXICO – FEBRUARY 19: Rory McIlroy of Northern Ireland looks his phone ahead of World … [+]
Thanks to technology, all of us have become accustomed to getting everyday tasks done at a much faster rate. However, that light speed hasn’t found its way into every task, especially those that involve banking.
According to research from Cornerstone Advisors, financial institutions focus on digital account openings since consumers prefer this transaction channel. Now, many financial institutions are hard at work on changing this customer experience, with many offering ways to open a bank account or do a transaction in under five minutes.
Citizens Access Bank Streamlines Transactions and Funding
While it may seem like a significant undertaking, all it may take to make a change is to have the right leadership in place to facilitate action. Citizens Access Bank President John Rosenfield has used his experience in the U.S. Special Forces to disrupt the banking industry. He noted, “The greatest skills I gained from those years were the ability to adapt to new environments and circumstances, determine the strategic objectives that we would pursue, and then assemble and lead a cross-functional team of experienced people towards those objectives.”
One of the first places he’s done is to introduce fast transactions. “We are incredibly pleased with our industry-leading account opening experience, which allows customers to open one or more accounts, fund them, and literally begin earning interest on their money in less than five minutes. Many banks have improved their account opening processes over the last few years, but very few banks start paying interest the day you initiate a funding transaction.”
Leveraging the strategic perspective formed during his military days, Rosenfield stated that it was important to study customer intent at every step in the transaction process.“Every time a customer paused on something, we asked, ‘What are you thinking?’ and ‘Why did you pause?’ This helped us identify opportunities to enhance the experience even further. One of our key design principles was don’t make the customer think. We wanted the entire process to be completely intuitive, much like when you open the box to a new iPhone.”
Bank of America Leverages Artificial Intelligence (AI)
Even the largest of the banks in the U.S. are proving that they can be disruptive when it comes to improving the customer experience. The bank introduced its AI-powered chatbot, Erica, to speed transactions, including transferring and depositing funds. Erica works by understanding voice or text commands to complete these transactions in minutes.
And, customers have responded. In the first three months, more than one million people downloaded Erica to use for faster transactions. Instantly approved credit cards, combined with the transaction power of Zelle’s peer-to-peer (P2P) payments, provide a way for consumers to enjoy a better digital and mobile experience.
For example, Erica offers mobile onboarding. This is a guided experience that helps new customers enable fingerprint or FaceID as well as facilitate how they enroll in alerts and e-statements. There is also a tutorial about how to use mobile check deposit, BankAmeriDeals®, and Zelle.
Besides improving the transaction experience, Bank of America launched Erica to help people make better decisions about their money, improving their financial habits and choices. This includes access to a chat option where customers can connect to a banking specialist to assist with their checking and saving applications within the mobile app.
Chase Accelerates Automation and Express Banking
Chase has rolled out numerous digital initiatives and introduced new branch formats. This includes self-serve teller kiosks within these “Everyday Express Branches.” They also feature a digital advice bar for digital products or new accounts, which helps customers get assistance without waiting in line. Chase bankers are also showing customers how to do money transfers with Chase QuickPay through Zelle.
While these initiatives have worked, others have not been as successful. For example, Chase had launched Finn, which was defined as a hybrid bank with a digital app and limited branch access. However, by the time the company launched this additional banking unit, they already developed in-house digital capabilities that replicated what Finn offered.
For Chase, it became a learning experience on how to provide these digital services in a way that attracts the right audience and offers something they can’t get from any bank or financial services firm.
Other Banks Offer Fast Transactions
More digital banks have appeared in the last few years to show consumers what’s possible in terms of easy and fast transactions. All over the world, digital banks have appeared.
Many continue to improve thanks to new technology like GoBank and Moven. Both these digital banks opened nearly a decade ago and have been able to sustain themselves when others have struggled.
Over time, more banks understand that they must focus on speed, access, and convenience within the digital and mobile environments if they want to keep current customers and attract new ones.