At DocFox, we’re often asked about our online account opening capabilities. And we’re quick to correct it. We call it Digital Account Opening, and there is an important reason for that. Because when it comes to commercial banking, most new business is not sourced online via digital marketing.
There have been many incredible success stories of rapidly scaling banks leveraging online account opening for consumers, but businesses are different. The majority of commercial banks grow their client base through talented bankers who leverage their unique strengths to gain business from trusted relationships. In a relationship banking world, you can’t simply extend your consumer online account opening to manage businesses and expect success. Instead, you should think relationships first, and then leverage technology to open an account in whichever way businesses wants to engage.
Every commercial banking client is unique
The most successful commercial bankers who create the best customer experiences do so not by prescribing exactly how to open an account, but by offering flexibility and a process that makes the most sense for the business.
Some commercial customers may be more tech-phobic than others, and prefer in-person meetings over lunch. At the same time, younger generations expect to be able to do everything from their smartphones.
But regardless if you’re a boomer or Gen Z, relationships matter. Banks with the most powerful relationships are most likely to have the strongest customer retention. If success is driven by client loyalty, then client loyalty is driven by relationships.
Account Opening Tech Won’t Automatically Bring in Deposits
Most commercial banks who have seen record growth with incredible account opening technology usually did so with an incredible banking team behind it, alongside a smart marketing strategy. Just enabling online account opening won’t automatically generate deposits.
BUT, having a platform that is able to open an account in any way the client wants is a very helpful enabler for effective campaigns.
What technology and digital account opening can do is enable all of the other factors that do bring in deposits. Everything from attracting top banking talent who get to work in a best-of-breed tech bank, to enabling marketing to get creative and allow hybrid digital and relationship account opening, to scaled back-office efficiency enabling the ability to grow fast.
By making the lives of bankers easier, creating stickier customers, and freeing up time to build more relationships and scale, digital account opening is what truly helps increase deposits.
Digital Account Opening that Puts Commercial Banking First
Online account opening came from consumer banking. But not every retail strategy will work when it comes to commercial banking.
At DocFox, we understand that commercial banking is different. We purpose-built our solution from the ground up for commercial banks. It’s what makes us fundamentally different from other solutions, and allows bankers to interact in the ways they know best.
Commercial banking has, and always will, be known for its high level of service and close customer relationships. With digital account opening through DocFox, commercial bankers are empowered to offer streamlined and seamless account opening and focus on their client and not administrative work.
Want to see the difference our focus on commercial banking makes? Reach out for a demo today!
CEO & Co-Founder at DocFox