Make it Simple. Make it Work.

I recently opened a CD and a high-yield savings account online in less than 25 minutes. I understand that this is not typical, as my previous three attempts at opening the accounts left me frustrated, confused and looking for another institution with an easier application process. This should interest you, because you need to know what you’re up against. You need to know that there are institutions that have found ways to make account openings quick, simple and secure despite regulatory woes. You need to know that if you can’t open accounts easily and quickly, deposits are being lost to those that can.

The first attempt was with ING Direct, one of the more recognizable online banks around. The initial application process took about 30 minutes though, wanting to make sure to read the fine print, I was admittedly working rather slowly. Still, having taken longer than I expected, I decided to save my application and finish it later. When I tried to complete the application the next day, it was nowhere to be found. My application (personal information and all) had vanished somewhere into Cyberspace.

Frustrated, I searched for another option.

I found Capital One’s Direct Banking at the very end of the application process (after I had saved my information), I clicked what was to be the final “submit” button in the process. My computer lost connection to Capital One’s server. My account had been locked, because I had “abandoned” my application. Despite my pleas to the customer service representative, I would need to wait 30 days and start from scratch.

Third time’s the charm, right? Nope.

I tried my luck with Corus Bank in Chicago. If I had problems this time, I would be able to walk into a branch and sort it out. With that in mind, I reluctantly clicked on their online application. The online portion was smooth and quick. The problems came after that portion was complete. In 5-7 business days, I was to receive an information packet with my account details and instructions for completion of my account opening. It was 10 business days before I received my packet of instructions, and the rest of my application. My online, paperless application included paperwork.

You’ve got to be kidding me. Is this really so difficult? Doesn’t anyone want my deposits?

In true Generation-Y fashion, I put down my iPod, picked up my laptop and visited www.bankrate.com. In a matter of minutes, I found AmTrust Direct which had the products that I needed, paid higher interest rates than the previous three, and had a guaranteed 10 minute application for each product. In twenty five minutes I had found AmTrust, completed both applications, and gone back to enjoying my day. My accounts were opened the next business day.

Alone, my deposits are too small to make an impact on the bottom line of a behemoth like Captial One. But, how many other people, with much larger balances have had similar problems? How much of this low maintenance deposit money is walking out the door? More importantly, has money like this walked out of your institution’s doors? Have your customers or prospects had these or other problems with your institution? Ask yourself, have we made it easy to open an account, to switch to our institution, or to manage our accounts?

Does your process work seamlessly every time? If not, how can it be improved? Either way, can you make it quicker and simpler? Can you provide a process to bring accounts to your bank in 10 minutes?

Make it simple. Make it work. Or, in 25 minutes, every deposit dollar in your institution can be gone.