Today, banks are either born digital or they must become digital. For the latter, bridging that divide is paramount in a world where the battle for customers is won on the screen. By and large, banks are making progress by thinking more holistically about their online customer experience. But far too often, the enrollment process falls short. With a mix of paper and digital forms, ink signatures, and long approval times, sign-ups for many banks look more like a digital chasm than a mere divide.
The truth is this—while capabilities are higher than ever, so are customer expectations.
A generation that can order food with a click and adjust their thermostats a world away
expects the same fluid experiences with their banking interactions. As better digital
experiences make their way into customers’ lives, asking them to download, print, sign, and
scan doesn’t just doesn’t work anymore. The slightest whiff of friction during the enrollment
process—a credit card application that has to be downloaded, a car loan that requires an
ink signature, or an ID verification that takes a trip to the local branch—will send customers
to greener digital pastures.
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This article by Kenneth Richardson provides a strategic insight into the evolving landscape of digital banking. It emphasizes the critical importance of a seamless enrollment process in an era where digital experiences heavily influence customer decisions.
The analogy of the enrollment process resembling a “digital chasm” is vivid and effective. It vividly illustrates the gap between customer expectations and the current state of many banking enrollment procedures.
The article rightly points out that while banks are progressing in enhancing online experiences, the enrollment process remains a stumbling block. A holistic approach is necessary to bridge this gap and ensure a seamless journey for customers from the start.
The piece effectively communicates the imperative for banks to embrace digital transformation. It’s evident that the traditional enrollment methods are falling short in meeting the expectations of a generation accustomed to frictionless digital interactions.