Embracing digital transformation is not an easy task, regardless the many benefits and competitive edges it brings to your organization. Mitek and The Financial Brand have partnered to offer you a new on-demand webinar outlining the best strategies to master the branch revolution: Transforming your Branch with Mobile Capture and ID Verification.
Jim Marous from The Financial Brand outlines the newest trends in digital account opening and highlights the four cornerstones of a successful branch transformation: Opening Accounts: Primarily for someone new to the bank; Servicing Accounts: Usually when there is a problem; Administer Advice: Primarily for more involved services like loans and business services; Provide Visible Reinforcement of the Brand: (i.e. very expensive billboards.)
This webinar analyzes the current needs and desires of customers in regards to their interactions with banks. Based on transactions, this is what today’s clients want:
- For online and mobile what clients really want is convenience – does this service fits my schedule?
- Quick application times – is this the best channel for comparison?
- Real-time transactions - is fastest access to funds provided?
- Consumers still like the branch because they perceive it to be the safest option for their personal data protection; it gives them a greater sense of confidentiality and provides the best answers to their current questions
“What's important here is that we continue to be telling ourselves that the consumer wants branches and believe that's still true but the need for those branches is significantly different than it was three years ago,” highlights Marous in this webinar co-hosted by Mitek, stressing the importance of learning how branch transformation is changing consumers’ expectations about in-branch assisted service, mobile banking and digital onboarding.
Latest data reveal that account openings over the next five years will double in the mobile channel from the 2.25 million account openings we are seeing this channel today, while in-branch new account generation will decrease by more than half. Similarly, we're going to continue to see more applications being turned out to the online environment but those have to improve as well.
Another point made during the on-demand webinar is the need for financial institutions to anticipate the way customers are going to open accounts and what are their preferred channels to conduct different interactions with their financial services providers.
We are seeing how for the first time ever, those organizations that have the best mobile and digital banking solutions had the highest rated satisfaction from clients, while also, for the first time ever, the branch’s location was not the key differentiator with regards to our convenience. This is why “we have to find a way to still offer services through the branch but in the most efficient way possible while also supporting our mobile and online propositions,” adds Marous.
In this sense, using mobile capture and ID authentication comes up a is a cost-efficient way to better integrate in-branch assisted service with the complimentary services offered across digital channels.
Use the webinar’s Q&A to drive your branch transformation roadmap
You can download the Webinar’s Q&A to discover new ways of successfully transform your in-branch experience to deliver a delightful, consistent, and seamless account opening process across channels.
This document gathers practical guidance to integrate Mitek’s mobile capture and identity verification technology with your mobile banking app and to customize the user experience to match your brand guidelines. Discover new ways of optimizing your in-branch experience and take your assisted services mobile to reach out to customers at community events.
Some of the topics addressed in this Q&A are:
- How much of a priority branch transformation should be for our bank roadmap?
- Is Mitek’s ID verification software available via web services or only native?
- How do we ensure the driver license uploaded is not someone else’s?
- Do you check biodata such as fingerprints or some other biometrics?
- Is the shift to a digital branch primarily happening in North America or is this a global phenomenon?
- Is the user experience brandable or do we need to use MiSnap?
- Use case: mobile account opening to expand branch capabilities to community events