Small Banks Seek to Get Account Openings Down to 3 Minutes

Small banks have started to improve their digital experience and with this innovation comes a new set of issues; small banks are finding issues with fraud and length of time it takes for an account to open; on-boarding was a key theme at American Banker’s Digital Banking Conference in Austin; smaller banks are in search of fintech partners that can help them improve the on-boarding process for speed and safety; banks are seeking facial identification type technology so they can quickly verify who a customer is when they are opening an account; manual entry of routing and account numbers has also shown to be more problematic then using fintech services that connect a users bank information; banks are open to finding partners to bring the time to open account to about 3 minutes as they have found that to be the target time. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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