Fast and Frictionless: Deposit Account Opening with nCino and Plaid
Today’s consumers no longer compare banks solely with other banks. Instead, they’re weighing the convenience, speed, and personalization of their financial institution against the service they receive from companies such as Netflix, Uber, and Amazon. And in many cases, traditional banks limited by cumbersome manual processes simply can’t keep up.
This is perhaps most apparent in the deposit account opening process, where asking a customer to enter sensitive financial information and then wait up to three days to verify micro-deposits can feel slow, frustrating and full of friction.
In fact, research has quantified just how important a quick account opening experience is:
According to a recent Digital Banking Report, the abandonment rate for online account opening is 19%. Abandonment rates increase significantly as the time required to complete an application increases.
A 2022 benchmarking survey from Celent reported that 75% of FIs noted their completion rates were less than 60%. None of the FIs had a completion rate greater than 80%.
Thanks to nCino’s new partnership with Plaid, all that is about to change.
Plaid is a data network powering the digital financial ecosystem, enabling consumers to connect financial accounts at over 12,000 institutions globally to more than 6,000+ apps.
This new partnership with nCino allows financial institutions’ customers to instantly and securely authenticate their financial accounts, making it easy for them to fund depository accounts.
With Plaid and nCino, FIs can reduce onboarding friction, resulting in an increase in rates in which customers successfully open and fund new accounts and achieve numbers like the following:
7 seconds: Plaid connects to users bank accounts in as little as 7 seconds
3.2x: An online bank saw that users who linked an account with Plaid were 3.2x more likely to fund their account
130%: One of Plaid’s FI customers saw a 130% improvement in its overall conversion rates after integrating with Plaid
With the nCino + Plaid partnership, your financial institution can upgrade your customer experience and acquire more customers. To learn more about this partnership, download our one-page white paper.
Like many businesses across the U.S., community and regional banks face challenges stemming from economic fluctuations, regulatory reforms, and shifting consumer preferences. To navigate these headwinds, they’re leveraging their unique strengths, such as personalized customer interactions and local market insights, and implementing innovative technologies like the nCino Consumer Banking Solution.
In a world where the financial industry continues to evolve rapidly, financial institutions need to do the same. One way to maintain your edge is by embracing a balance of automation and augmentation. This approach enhances operational efficiency, optimizes risk management, and revolutionizes the experience for both banker and client.
In the evolving landscape of commercial banking, merging traditional services with modern technology is essential.
While banks are partnering with innovative and forward-thinking tech vendors to improve their business and services, not all of these partnerships are successful. Even with impressive products and glowing reviews, some tech vendors aren’t suitable matches for the banks they partner with.
