One of the increasing trends that we are seeing in the digital banking world is the ability for the customer to open (and close) an account - in particular savings and current accounts - with reduced friction, and an ever decreasing number of steps to the process.
There are a variety of banks that we could have discussed in this context, but on this occasion we have focused on three, ASB (NZ), Westpac (AU) and the bank that we regard as the best exponent of this functionality, BNZ (NZ).
ASB has long offered a near one-click account opening experience via its mobile app, and the screenshot opposite demonstrates what is seen in the bank's iOS mobile app. There is a requirement for the customer to re-enter their login password or PIN to access this screen, but thereafter simply by clicking on the 'open' button the customer will be completing that process and be able to immediately see the new account in their summary screen.
Westpac has moved in a similar direction more recently, by significantly reducing the number of steps and fields involved in current and savings account application process. The screenshots below demonstrate both the old and new formats, and readers will note that in the newer format the customer is simply reaffirming information the bank holds in relation to them (though they are prompted to correct the information if necessary in the settings screen). Once they have done so they click 'open my account', and again it is immediately available in the account summary screen.
BNZ, however have an even more seamless method for not only opening but also closing an account in their internet banking channels. As the video below demonstrates (taken from a recent desktop web channel experience), customers can not only open but also close an account in a matter of seconds, without leaving the account summary screen.
When opening an account the customer can read product information, terms and conditions and privacy information if they chose to, otherwise they need only name their account, choose an associated image (or upload one), and decide they wish to have an associated savings goal.
Again, it is our opinion that BNZ are offering perhaps the best experience globally of opening an closing an account in its secure digital banking channels.
Readers should note that all of these experiences were found behind the password (i.e. using an existing customer profile) of the respective digital banking channels.
If you'd like to see more get in touch with us today, otherwise we hope you enjoy this - another free update from the digital banking intelligence team at iSky Research.