Banks and credit unions are trying to create improved customer experiences for consumers, investing in digital account opening and multichannel onboarding processes. Reflecting this focus, innovations for the beginning of the customer journey were prevalent at Finovate.
More than 1,500 FinTech enthusiasts and 70 companies wanting to showcase their newest innovations converged on New York City during fashion week for Finovate Fall 2015, the premier FinTech event of the year. In a series of short, 7-minute demonstrations, the newest products were presented during the two-day event, encompassing solutions from payments to security, and from artificial intelligence to improved analytics and blockchain technology.
Each year, certain technologies or themes come to the forefront at Finovate, addressing a previously under met need in the industry. This year, innovations in the categories of digital account opening and multichannel onboarding were front and center, demonstrating how removing friction and building engagement from the initiation of a banking relationship can improve revenues, reduce costs and improve security.
The subjects of account opening (and particularly online account opening) and banking customer onboarding are clearly top-of-mind these days. These topics have also been covered in several recent Mercator Advisory Group research documents as part of its coverage of the movement toward online and mobile banking across the banking industry. With many of today’s bank customers and credit union members demanding a 24×7 experience, it’s important that financial institutions offer solutions like these to meet the evolving needs of today’s banking customers.
Overview by Ed O’ Brien, Director, Banking Channel Advisory Service at Mercator Advisory Service Group
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