To illustrate changing paradigms and customer expectations in the digital age I often ask classes I am training, “If you opened an account with a bank for the first time, how long should it take?”

The acceptable time period for a new customer to have a fully transactional account varies widely. Most say a few hours, some are happy with a day. Occasionally someone says 15 minutes.

I normally follow up the question with, “Has anyone opened a new account recently and how long did it take?”.

The responses to this question are normally horror stories regaling the gory details of terrible client experiences (regardless of bank). Occasionally someone has had a reasonable experience that lasted a few hours. I’ve never had anyone who was ‘delighted’ with the experience of opening a new account. Continue reading “Changing Paradigms: New Bank Account – Open in 120 seconds”