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The Benefits of Online Account Opening

Online banking and digital account opening platforms have become staples to modern, competitive banking. Allowing customers to quickly open and fund accounts are services that most of today’s customers demand. Financial institutions soon discovered that offering online banking not only makes them more attractive to new customers, but also solidifies their relationships with current customers who want to know their bank is current.


What is digital banking?

Digital banking allows customers to access banking services remotely either through a website or mobile app. Customers can perform a wide range of transactions without visiting a branch in-person such as viewing account balances, transferring funds or paying bills.

Why is online account opening so attractive to customers?

Simply stated, online account opening is easy, fast, and convenient.  An individual can open an account in a matter of minutes in the privacy of their own home or from their car at their convenience. These options can potentially be the deciding factor when choosing a bank or continuing a current relationship.

Why is online account opening so important to banks?

There are two critical factors that every bank recognizes: the necessity to keep current customers happy and the need to stay competitive to attract new customers. Digital account opening checks both those boxes. When someone wants to add a new account, having the choice to do it using any device in any location makes a particular bank an attractive option. Plus, online account opening sets the tone at the beginning of the banking relationship for an overall positive experience leading toward a more secure and long-lasting connection giving the bank a competitive advantage.

Does using digital banking mean I must abandon more traditional avenues?

While digital banking has gained significant momentum over the past several years, some customers prefer the personal touch of going into a branch when dealing with mortgages or loan applications.  Others prefer the convenience of just opening their mobile app or signing onto their computer to view their accounts.   Many banks recognize the need for both in-branch and digital services and offer both seamlessly.

What are the biggest advantages to using digital banking?

Top features that customers can expect using digital banking include: easy online account opening with no paperwork or phone hold-ups; time savings; convenient to access your money or open an account; faster money transfers, and mobile check deposit.

Is online banking safe?

The safety of online banking is a joint effort between the bank and the customer. Banks use safety techniques like encryption (transforming text into an unreadable format), firewalls (a barrier between a trusted network and an untrusted network), and multifactor authentication (a security mechanism that requires two or more verification methods) to protect customer information. As with all online transactions, customers must be diligent about their personal security. Do not use public Wi-Fi or unsecured devices to access your account. Use creative, strong passwords, keep your devices updated and never share sensitive information with others.

To learn more about online account opening and digital banking, call 570.752.3671.

Written by Brent Eckart

Brent is the Computer Operations Supervisor in Deposit Operations for First Keystone Community Bank

Post Category:

Posted On:

February 4, 2025

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