There are 3 things that I look for when opening a new account:
- App Capability
- Paperless Documentation
- Quick Response Times
This shouldn’t sound unreasonable and in fact it isn’t for the challenger banks and payment intermediaries who place a premium on providing a superior client experience. Companies such as Revolut, N26, Transferwise, CurrencyFair and Fire.com have made huge strides for the industry in on-boarding and implementing easy to use processes. They are best in class and provide service with minimum fuss, excellent up to date user apps, brilliant online support (via timely chatbot or email) and without the need for paper based signatures or hard copies.
Consumers are spoiled for choice yet also demand great service. Well why not, the technology exists and it’s there to be used. I have legacy accounts with two of the largest local banks but I’m now using their account services less and less. Recently I spotted a full page newspaper ad for another Irish bank extolling their new app. I decided to try it out but after navigating through the preliminary account opening questions I was telephoned and asked me to confirm personal details over the phone, to a complete stranger. The account wasn’t yet open and I had no agreement in place, the call ended as did the account request.
The legacy banks are fantastic at many things but personal service is not one of them. I would encourage people to review their options and consider opening an account with the challengers, some other players include Monzo, Fender and Circle.
These institutions are providing great online services commencing with the initial impact of an excellent account opening design and process.