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To keep cumbersome and tedious online account application processes from turning off customers, banks need to employ a few best practices to smooth out the experience.
With the increasing importance of the online channel in retail banking, digital conversations must approximate as much as possible the personal give-and-take of a branch interaction.
‘Make it easy for the customer’ is a rule that banks often violate when designing their account-opening procedures.
While online social networks offer banks a medium to engage with consumers, the business case remains a question mark.
For Yodlee executive Sukhinder Singh, account aggregation's real promise lies in value-added applications such as funds transfer and wealth management tools.
Though Internet banking is barely out of its infancy, institutions must anticipate its mass market destiny.