GRAND RAPIDS—Compliance Systems, the Grand Rapids-based provider of digital compliance documentation, announced the industry’s first mobile-enabled online account openings, which allows financial institution customers and members to open accounts up to 10 times faster.
The software streamlines documents and hosts unique content such as embedded videos and tutorials to help financial institutions build relationships that consumer and commercial deposit customers can appreciate and embrace.
“Streamlining documentation and enabling transparent, consumer-centric content helps financial institutions begin meaningful relationships with customers and members – one built with a sense of ease and understanding,” said Chris Appie, president, Compliance Systems. “Banks and credit unions can now improve the new account opening process using this mobility-first solution as we have been able to combine speed with data and compliance to ensure a safe and seamless account opening experience that rivals some of the online retail interactions consumers enjoy.”
According to a survey by Deloitte, a superior account opening experience can be vital for banks to remain competitive and to ensure loyalty—customers who think the account opening process can be made better at their banks are, in hindsight, much more likely to think about taking their business to another bank. The survey also found that consumers who wanted improvement in their account opening experience were less likely to purchase additional products or services at the bank and were less enthusiastic about recommending the institution to their family and friends. And 75 percent of improvement seekers were below age 50—a commercially critical demographic, as they are the banks’ future customer base.
The solution is initially available for consumer deposits; commercial deposits will be available later in the year.
With more than 26 years’ experience with financial documentation, Compliance Systems supports more than 1,500 banks and credit unions. For more information, visit www.compliancesystems.com.