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 MANTL, a leading provider of account origination solutions. More than one-third of banks and credit unions (35%) that claim to offer omnichannel account opening do not have the ability to start an application in one channel and resume it in another channel, revealing they have multichannel account opening instead.
“This data is alarming because multichannel technology differs greatly from omnichannel technology. A multichannel account origination strategy has severe limitations, as it creates siloed customer journeys and will not grow customer satisfaction or lifetime value. Commercial and retail customers expect seamless experiences across all banking channels and only omnichannel technology will meet that demand while improving an institution’s bottom line,” said Nathaniel Harley, co-founder and CEO of MANTL. “The adoption of true omnichannel account origination technology is still early at regional and community banks and credit unions. However, the data makes one thing abundantly clear: omnichannel account origination is the future of the banking industry and banks and credit unions are prioritizing adoption.”
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 commercial account opening capabilities by channel. The report findings underscore the important role omnichannel account origination technology will play in financial institutions’ ability to remain resilient and competitive. The report also revealed significant opportunities to leverage the technology to improve operational efficiency and better service commercial customers.