When thinking about why an individual or a business banks with a particular institution, trust and relationships are two of the strongest responses, it is what banks and credit unions are known for. This year, the importance of customer relationships has been tested more than ever as the world has shifted from physical to digital. Financial service providers have spent much of their energy adapting to this change, hoping they continue to provide a superior customer experience in this digital world.
When we talk about customer experience the examples often focus on consumers, but many, if not more of the same digital needs of consumers are applicable to small businesses. As a result of the pandemic, many businesses have been forced to shift to digital, and as such, their banking needs have shifted as well. One of the most important needs has centered around digital onboarding, specifically online account opening (OAO). While there is much talk about incumbents lagging behind in regard to technology, 2020 has proven that many financial institutions have a relatively strong OAO process for consumers and many were able to accommodate the shifting demands. Kasasa, which provides software products for community financial institutions, found that OAO at community banks increased by 14.5% since the onset of Covid restrictions. But while it has been proven to work for consumers, even in these hyper digital times, OAO is still sorely lacking for business accounts.
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