Opening a bank account meant following a long and complex process until a few years ago. You’d need to go to a physical location, wait in line, and fill out paperwork. But technology has revolutionized the way banks operate.
Today, most banks offer online banking options that allow you to open an account within minutes from your home. You can complete most of the required paperwork online. And once the application is complete, the bank can verify the customer’s identity electronically and open the account instantly. This convenience has made it easier for people to switch banks or open multiple accounts.
Read on to explore how technology has made it possible for banks to offer this fast service and what more benefits it provides customers.
- Online application forms for a hassle-free process
Applying for a bank account online is now the norm. Thus, most banks have streamlined their application forms to make them as straightforward and user-friendly as possible. This process is much faster than filling out paper forms, which usually take 30 minutes or more.
- Quick electronic verification
One of the biggest benefits of technology is that it allows banks to verify customer identity quickly and easily. In the past, customers would have to provide physical documentation to open an account. However, with the latest technology, banks can use electronic verification methods such as facial recognition to confirm a customer’s identity. Once your account is opened, you can also use banking features through a mobile banking account.
- Digital channels to send updates
Banks use digital channels such as email, text messages, and chatbots to communicate with customers during the account opening process. It allows customers to get instant answers to any questions. Additionally, banks can use digital channels to update customers on their account opening process status.
Moreover, many banking institutions also offer bank mobile apps to help you manage finances easily. For example, with the IDFC FIRST Bank mobile banking app, you can instantly check your account balances, transfer funds, and even pay bills.
- Biometrics technology for verifications
The biometrics technology allows banks to verify the identity of their customers without the need for physical documents or signatures. Online biometrics is a more secure method of identification because biometrics use unique physical characteristics, such as fingerprints or iris scans, which are very difficult to replicate or steal. Many premium apps like IDFC FIRST Bank mobile banking app also use this technology to help users to log in to their accounts safely.
- Social media platforms to find potential users
Most banks and financial institutions use social media platforms to reach potential customers. But social media can also be used to open an account within minutes. You can contact the bank by messaging them on their social media profiles. They will contact and assist you with the bank online account opening process.
Since technology is constantly evolving, banks have also found ways to speed up the process of opening an account. Using a combination of technologies, including those mentioned above, banks can help you quickly open an instant bank account thorough mobile banking application.
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