Compliance Systems Introduces Industry’s Mobile First Online Account Opening Documentation
Mobility-based compliance documents provide banks and credit unions with seamless, faster account opening experience, taking less than 3 minutes versus 30 minutes in branch
Grand Rapids, MI – May 10, 2021 – Compliance Systems, the financial industry’s leading provider of modern, digital and dynamic compliance documentation, today 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 solution streamlines documents and hosts unique content such as embedded videos and tutorials to help FI’s build relationships that consumer and commercial deposit customers can appreciate and embrace.
“Everything we do is driven by advancing our client’s digital banking journey, which includes adopting a mobile-first perspective, and one of the most critical parts of that is online account opening,” said Erin Simpson, Executive Vice President, Chief Operations & Risk Officer of Little Rock, Arkansas-based Encore Bank. “We want to offer the fastest and safest service with the least friction for our internal and external clients, which is why we have chosen to add Compliance Systems’ mobile-enabled documentation to our account opening process. Once implemented, our clients will be able to open accounts in as little as 2.5 minutes versus what once took 30 minutes.”
Encore Bank will use embedded identification verification in their online account opening platform to confirm a prospect’s identity based on data entered online by the client. From there, personal information does not need to be re-entered or verified by staff. “We are working with Compliance Systems and the CFPB to recreate our account opening process,” Simpson added. “By cutting out all the extra data entry, required wet signatures, scanning, tracking and other interruptions in the documentation process, we’re able to improve accuracy, timeliness and the overall experience. It’s something that we will also use in all of our offices for stronger efficiency, unification and overall client satisfaction, and not just when opening accounts online.”
“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.
About Compliance Systems
Compliance Systems is the financial industry’s leading provider of modern, digital and dynamic compliance content. Its technology effectively enables deposit, IRA, and loan transactions with mobile friendly content that reinforces trust and a solid user experience. With more than 26 years’ experience with financial documentation, Compliance Systems supports more than 1,500 banks and credit unions. For more information, please visit www.compliancesystems.com.