Entrust has launched a new digital account opening solution for banks and credit unions.
The new Entrust Digital Account Opening Solution is designed to overcome barriers created by geography, technology or inconvenience that make it difficult for consumers to open an account, the company said in a Tuesday (Nov. 28) press release.
“Entrust is working to redefine the customer experience in the banking industry,” Tony Ball, president of payments and identity at Entrust, said in the release.
The Entrust Digital Account Opening solution enables banks and credit unions to onboard new customers from anywhere using their smartphones and government-issued IDs, according to the press release.
In addition to helping financial institutions reduce the time and effort required for genuine consumers to open a bank account online, the solution aids them in providing those new account holders with both a digital card issued to a mobile wallet and a physical card delivered through a branch or by mail, the release said.
The solution also reduces risk for financial institutions and ensures know your customer (KYC) compliance, per the release.
“With our new solution, banks and credit unions can enhance their service to all of their customers, offering faster onboarding, an unmatched level of security and convenience,” Ball said in the release. “And, by breaking down barriers to account opening, more people will be able to build trusted banking relationships more easily, and lay the foundation for healthy, long-term involvement with the digital economy.”
PYMNTS Intelligence has found that the onboarding experience at many financial institutions is difficult, with processes that still rely on manual, time-consuming tasks, visits to brick-and-mortar locations and requests for paper copies of documents.
Their potential customers, however, are increasingly sophisticated and have developed higher expectations about onboarding after having experienced the new standard of a seamless onboarding process offered by companies like Apple, Google and Amazon, according to the “Next-Gen Commercial Banking Tracker®,” a PYMNTS and FISPAN collaboration.
Working with FinTechs or other third parties to digitize onboarding could be the preferred strategy for financial institutions to streamline the onboarding process easily and completely, the report found.