Digital Account Opening – A Virtual Slip’N Slide September 13, 2017January 31, 2019 Q2 Digital Account Opening – A Virtual Slip’N Slide As kids, we would keep cool on hot summer days by means of a contraption known as a Slip’N Slide. The Slip’N Slide was nothing more than a long piece of plastic or tarp that was drenched in running water. At the end of this runway was an enticing pool of cool water. The goal: run toward the Slip’N Slide at full speed, initiate a short but graceful slide on the slippery surface, and then enjoy the cool refreshing feeling of H20 immersion. As I consult with financial institutions on how to structure their digital account opening process, I can’t help but be reminded of the days of the Slip’N Slide, and how similar the experiences really are. Everyone agrees on the goal of the digital experience: grow the organization by opening as many new accounts as possible. But how should this look and feel for the customer? The Run – This is the experience leading up to the actual slide. Existing and potential customers alike should see their goal clearly (the glimmering pool of water) and the benefits of reaching that goal (instant refreshment). This is accomplished by providing them relevant and concise offers at the right time – not overwhelming them with over-burdensome details and product collateral. This should give them reason and purpose to start the journey with the promise of a frictionless and painless ride along the way. The Slide – Once the customer has been called to action (“apply now”), they should be put into a checkout process that is easy and friction free. Too often I see rocks, bump, tears, and other impediments in the checkout runway that beg applicants to “bail out”. These impediments come in the form of unnecessary questions, opt-ins, or over-burdensome compliance steps that don’t fit the product applied for or the channel of application. To achieve this friction-free experience and maintain the energy of the slide, financial institutions need to re-examine their processes and alter them specifically for the digital world. The Pool – After checkout, the onboarding process should be pleasant and refreshing. Keep them engaged through their preferred channel with regular communications and other offerings that may benefit their situation. They have arrived at their destination and should now reap the benefits!