Configurable solution allows customers and members to open an account within five minutes
OMAHA, Neb., June 5, 2018 – D3 Banking Technology (D3), provider of the industry’s most advanced digital banking platform, today announced the availability of its new account opening service. The new account opening feature is the latest addition to the comprehensive set of innovative banking services supported by the D3 solution.
The D3 platform’s extensibility has allowed the company to introduce new approaches to money movement, financial management, and personalization of the user experience based on digital analytics. These and the other features included as part of the D3 platform are the foundation for the consumer-centric, digital engagement strategy adopted by leading financial institutions and more than three million consumers.
“More consumers start the mobile account opening process each day but too many financial institutions are failing at giving them what they want as abandonment rates indicate,” stated Emmett Higdon, director of digital banking at Javelin commenting on a recent report, Overhauling the Mobile Account Opening Experience. “Nearly 1 in 4 retail banking customers will switch banks this year. More than a third of those will turn to their smartphone to find a replacement. Institutions can no longer afford to drive these customers to other channels — or worse, to competitors — to successfully open new accounts.”
D3’s account opening service fully digitizes and streamlines the account opening process to allow potential customers and members to open an account with their bank or credit union quickly and simply from any location or device. By enhancing the users’ experience at one of the most critical times in a new or existing relationship with their financial institution, abandonment is reduced and customer retention is improved. Because the account opening service is part of the D3 digital offering, financial institutions lower cost and decrease the complexity associated with managing a standalone solution from a third party.
“We view our digital transformation as a long-term investment in serving our customers with a scalable and customizable platform on which we can grow with their evolving needs,” explained Mark Troske, senior vice president of digital at TCF Bank. “D3’s new account opening service addresses our desire to provide our customers with a digital experience defined by speed and convenience. Not only is the service seamless with our core digital banking platform, but it further enables us to simplify the management of our digital technologies through a single vendor relationship. In the end, our customers benefit from a fully integrated experience that is familiar and consistent no matter what they to need to accomplish in their banking relationship with us.”
“Most vendors who provide account opening solutions make the same claims but the industry data on abandonment and customer satisfaction with these services suggest a disconnect between those pledges and reality,” said Mark Vipond, CEO of D3 Banking Technology. “With companies such as Venmo, Uber, Airbnb and others shaping consumer expectations about the digital experience, a failed interaction of any kind damages retention rates. A failed new account opening interaction is perhaps the most damaging of all. Our approach to digital banking has transformed how the industry sees financial management, money movement and data analytics. We are repeating that effort with the extension of our platform to include the newest account opening service in the industry.”
D3 will be demonstrating the D3 new account opening service during the Digital Banking Conference in Austin, Texas on June 6.
About D3 Banking Technology
D3 Banking Technology’s Innovate™ Platform supports consumer and small business digital solutions that enable financial institutions to quickly introduce innovations that give them a competitive advantage in the marketplace. D3’s technology leverages an open API-driven platform built on a modern technology stack that is extensible, scalable and configurable. The D3 Innovate™ Platform powers a consistent, intuitive user experience, while also reducing cost, lowering complexity and enabling financial institutions to more effectively understand and anticipate the needs of their customers.