Online Account Applications

I was recently asked if, as a member of Generation Y, I would be discouraged from opening an account online because of the series of steps needed to verify my identity. This came in response to a comment I made about Generation Y wanting ease, speed and sophistication from their online interactions.

I think that, if presented as a security measure, members of any generation can understand the need to verify their identity – and will make the choice to either complete the necessary steps online, or opt to visit the branch instead and open the account there.

For me personally, I would rather go through the extra steps online to open the account (if I know exactly which account I want to open) than go to the branch and fill out paperwork.

And, I think there’s quite a bit of room for improvement for the online application process at today’s banks and credit unions.

To illustrate, I want to share a story that recently happened to me.

I was interested in opening an additional checking account at my bank, so I found and completed the application online. Because I submitted the application online, I expected to receive approval online; and, because it was a simple checking account - with an institution where I already have a banking relationship, I expected the approval to be fast – if not immediate.

Then, after ten days with no email and no phone call, I received a letter in the mail. And the letter was far from what I expected. Sure, it thanked me for my online application – but invited me to visit my nearest branch to complete the application process. You’ve got to be kidding me, right?

Everyone wants the application process to be as fast and easy as possible. While there are requirements with indentity verification, why not try to streamline the process and make it as user friendly as possible?

And, I suppose in typical Gen Y fashion, I never opened the checking account – not because I don’t want the account, but because I was frustrated with waiting so long for the letter they ended up sending me. If I wanted to open the account at the branch, I would have gone there first.