Digital account opening is a phenomenon that financial institutions simply cannot ignore.
The numbers are striking: More than 119.6 million people used the internet to access banks or other financial institutions in 2024, according to the IBGE. This figure surpasses by 22.5 million the total number of Brazilians who used internet banking in 2022. The 2024 data also represents 71.2% of the 168 million Brazilians with internet access. In 2022, the percentage was 60.1%; in 2023, 66.7%.
But while institutions may already know what to do, they must also quickly learn some important lessons about how to do it. In this post, we’ll discuss 5 common mistakes to avoid when adopting a strong digital account opening process.
Digital accounts from the consumer’s perspective
With access to new and advantageous digital financial services, many consumers didn’t hesitate to try and adopt them.
From the consumer’s point of view, the main factors driving the preference for digital accounts include:
- Convenience
- Access at extended hours and days
- Speed and simplicity in service
- Security
- Reduced or eliminated fees
- The appeal of modern and advanced technologies
There is also a cultural factor: the arrival of the so-called new banking consumers. For younger generations who were born and raised in a digital-first world, digital accounts are the obvious choice.
Digital accounts from the provider’s perspective
In recent years, offering digital accounts has become the main investment priority for institutions in the sector.
In the race to deliver the best user experience, companies must be mindful of certain mistakes that can make their solutions less competitive.
But what could be so critical in a digital account opening process?
An inadequate onboarding and registration flow can drive away customers who were practically already won. A good manager is able to detect signs that indicate the need for restructuring.
Digital account opening: Five mistakes to avoid
The experience of numerous companies offering digital accounts has revealed several recurring mistakes that can—and should—be avoided, as detailed below.
#1. Underestimating complexity and process interdependencies
Simple and user-friendly solutions for consumers do not mean a lack of internal complexity. From technology to administrative functions, every component must be properly integrated.
#2. Neglecting marketing efforts
Adopting the best technology and practices does not guarantee automatic growth in new customers or accounts. Marketing remains essential to reach the right target audience.
#3. Limiting the account opening experience
When adopting a digital account, many consumers are open to acquiring additional products. Yet institutions often offer a limited experience with no cross-selling opportunities that would be well received.
#4. Using inadequate onboarding flows
During the account opening process, customers typically need to complete several steps. However, often due to technical issues, each step ends up being completed at a different moment, leading to loss of efficiency. Reviewing flows and processes can correct this issue.
#5. Failing to monitor and continuously improve processes
No matter how well planned or implemented a process is, there is always room for improvement. Additionally, shifts in market conditions may require adjustments.
Key elements for an efficient process
Beyond avoiding the five mistakes above, several essential practices can also make digital account opening more efficient:
- Minimizing the need for customers to manually enter personal information
- Facilitating access to products such as loans or financing during the onboarding journey
- Making it easy to start, pause, and resume the account opening process
- Always offering digital alternatives for signature or documentation requirements
- Ensuring that once the account is opened, it is immediately accessible with its assigned features
As we’ve seen, implementing a strong digital account opening process depends on careful attention to detail.
But the process becomes much easier when supported by a trusted technology partner. Evertec is one of the largest financial technology platforms in Latin America, with a presence in more than 26 countries. We power financial institutions, merchants, fintechs, service companies, insurers, and governments.
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