Omnichannel is the Future of Banking Yet One-Third of Financial Institutions Still Mistake Multichannel Account Opening for Omnichannel, According to MANTL Report

The urgency for omnichannel Currently, only 12% of banks and credit unions offer omnichannel account opening for both businesses and consumers. The report revealed that relationship managers are still the primary driver of new account openings and financial institutions only open a small volume of deposit accounts via digital channels. Nearly half (48%) of financial institutions open less than 20% of their consumer deposit accounts online.

However, there is a growing sense of urgency to implement omnichannel account origination technology in the immediate future. In the next 12 months, half of institutions (50%) plan to implement consumer omnichannel account opening and a fourth of institutions (27%) plan to implement commercial omnichannel account opening.

Businesses are underserved from a digital banking perspective The majority of banks and credit unions (61%) are opening almost all of their new commercial accounts (80-100%) via a relationship manager. Two-thirds of institutions do not offer the ability to open a commercial account online (68%) or in a call center (67%). That number is even higher for a mobile app (78%) or an in-branch kiosk (90%).

“Many financial institutions self-identify as commercially focused, yet they are not investing in commercial banking experiences,” said Harley. “This is especially problematic when you consider that business owners are also consumers and expect the same digital convenience across banking channels.”

Branch sentiment toward digital channels Shockingly, one-fourth of banks and credit unions (25%) claim branch staff who are responsible for onboarding new customers feel threatened by online account opening channels. Currently, one in four financial institutions (22%) have no way to attribute new accounts opened digitally to a specific branch or relationship manager and 37% of banks and credit unions believe that account attribution would change how their branch staff feels about online account opening.

“This disconnect signals to larger issues we are seeing industry-wide in regard to banking technology adoption and change management,” said Harley. “The benefits of modernizing must be communicated across all levels of a financial institution and bank leadership should invigorate adoption. Investing in technology that elevates the employee experience, empowering branch staff to become more data-driven and better serve their customers, will help fuel adoption.”

To view the full report, please click here. For more information on MANTL or to schedule a demo, please visit: https://www.mantl.com/request-a-demo/

About The Omnichannel Account Origination Report The Omnichannel Account Origination Report, commissioned by MANTL in partnership with The Financial Brand, surveyed U.S. banks and credit unions to identify omnichannel banking priorities and explore existing consumer and cot opening capabilities by channel.

The survey was conducted by The Financial Brand among 182 U.S. bank and credit union employees between March 9 and March 28, 2022, using an email invitation and an online survey. For more information on the report, please click here.

About MANTL MANTL is a financial technology firm offering omnichannel account origination software....-->

New banking report highlights the growing sense of urgency to implement omnichannel account origination technology that meets the evolving demands of retail and commercial customers

NEW YORK, NY - Nov. 16, 2022 - Financial institutions are mistaking multichannel account opening for omnichannel account opening, according to The Omnichannel Account Origination Report today released by