account-opening

Vocabulary Word

Definition

'Account-opening' refers to the process of starting a new account with a business. This could be a bank account, a credit card account, or even a user account with an online service.

Examples in Different Contexts

For online banking services, 'account opening' can be completed digitally, without visiting a bank. An online service advisor might say, 'You can open an account from home by submitting your information through our app.'

Practice Scenarios

Tech

Scenario:

We need to discuss how to make our software more user-friendly. It’s currently taking new users too long to get up and running on the platform.

Response:

A swift and hassle-free account-opening process can definitely improve the user experience on our platform.

Business

Scenario:

While we have many potential customers showing interest in our bank, too many are dropping off during the application process. We need to make it easier for customers.

Response:

You're right, we should create an easier, more user-friendly account-opening experience to retain the interested customers.