How can banks create a winning digital account opening experience?

Digital Banking was a luxury for top-tier banks, with most activity in brick-and-mortar branches. Nowadays, most customers conduct banking activities online. The digital experience is the chief factor influencing your choice of a new banking partner. Digital account opening is no longer reserved only for industry leaders but is important for all banking customers in India.
Every bank focuses on offering their customers a robust solution to managing their finances. They let you open Bank Account online, attracting businesses and individual account holders to experience and share the convenience. Banks create a winning account opening experience by following these strategies:
Presenting personalised banking products
Note down the list of services into a smaller collection of specific products for each customer’s needs. You can discover what products they are primarily interested in by asking a few quick questions about their business size and spending habits.  
Collecting primary customer data intuitively
A winning digital account opening experience is more than pasting your offline application onto the Banking app. It should be fast, paperless, and short, giving customers a roadmap of the overall process. The online form should ask only essential questions upfront, like the customer’s name, birthdate, address, and account opening type, to create a user-friendly interface and smoothening processes.
Streamlining KYC
Many banks allow customers to complete the first few steps of the account opening procedure on the app. Later, they get redirected to offline channels for the rest. Are you forcing customers to send emails for documents or schedule an appointment at the branch to finalise their application? Instead, focus on an all-online platform for scanning documents, self-registration, location-based verification, and behavioural data.
Creating accounts instantaneously
Banking applications taking a longer time to load on mobiles lose attention. By improving KYC checks, you can have new accounts operational within minutes. Banks should connect with newer technologies and build a thriving customer base to survive. For instance, they can adopt Online Banking for each customer and address their needs.
Enhancing loyalty
Business owners measure potential projects by their time investment. They are most loyal to banks that respect their time pressures. Your app should be responsive, requiring minimal or no paperwork and fewer clicks to online Savings Account opening.
Safety measures
While adopting digital transactions from the Bank Account, ensure you keep the customer data safe and free from theft by enabling fingerprint scans and two-factor authentications. They should receive OTPs from the bank for every fund transfer and get regular reminders to be aware of fake links and prevent fraud.
Conclusion
Digital accounts are safe if your bank follows the required security measures and is ready with the technological requirements. When downloading the app, check for verification and avoid clicking suspicious links sent through SMS or email.