At this year’s Spring Finovate conference in San Jose, California, the consensus among attendees seemed to be that this year’s event was interesting, but hardly groundbreaking. The presentations from roughly 60 companies were mostly developments and refinements of ideas that had been presented in earlier conferences.
Mobile account opening solutions suffer from abandonment rates as high as 80%. To enable more applicants to open accounts on mobile devices quickly and easily, financial organizations need to reduce friction.
Friction is inconvenience. It results from requiring mobile users to type too much or wait too long for data to be verified.
Our new white paper Leveraging Data Analytics to Deliver a Frictionless Customer Journey explains the hows and whys of using data analytics to reduce friction, improve customer journeys, and increase application completion rates.
Ready to jump into this growing and dynamic market?
Start by reading our white paper on Growing Profitable Accounts with Underserved Consumers.
In a recent blog post at The Financial Brand, Ron Shevlin, director of research at Cornerstone Advisors, makes some excellent points about changing expectations in the financial services market. After pointing out that start-ups like Rocket Mortgage, SoFi, and Kabbage are offering financial products with easy applications and rapid decisions (they deliver answers in 15 minutes or less), Shevlin points out that Fintech startups have established new benchmarks for what it means to deliver “convenient” financial services.
Offering and Advertising Lower-risk Products
The Consumer Financial Protection Bureau (CFPB) is urging banks and credit unions to offer lower-risk products to financially underserved consumers. In a press release issued in February 2016 and in an earlier letter to the country’s largest 25 banks, the CFPB urged bankers to offer and promote these accounts: