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With branch offices closing and so many practicing diligent social distancing, Digital Account Opening is more important than ever.
The research is clear--consumers increasingly prefer opening new accounts through digital channels, especially in today's volatile, socially-distanced environment. DAO is the #1 area of technology investment by banks (and has been for the past three years) according to research from Cornerstone Advisors. And yet, according to research from Aite Group, a majority of the DAO processes offered by banks today weren’t originally designed for digital channels. The processes were originally designed for the branch and call center, before they were ‘ported over’ to digital. While banks are working to optimize those DAO processes, most lack access to specific reporting and metrics on how their current processes are actually performing. This makes the task of reducing friction and improving the DAO experience virtually impossible. The result? Banks’ investments in better DAO rarely pay off.
In this webinar, FICO will explore why DAO investments aren’t producing a good return and share 5 best practices for driving better results.