Abstract
Overview
The need for cost-efficient online account opening processes has never been
greater. Consumers routinely conduct banking transactions online at their own
convenience, and they similarly expect to be able to open and fund accounts at
will, quickly and easily, within a single session. Last year, anxious
depositors seeking safer havens for their savings drained billions of dollars
from wobbling banks, providing a dramatic example of how online opening
services can give forward-thinking financial institutions a boost on their
competition. And yet, many financial institutions still rely on relatively
archaic, paper-driven processes that require manual review in the branch. This
report analyzes ten vendors that offer compelling online account opening
products, maps out how such products improve profitability, and examines what
banks and vendors identify as the key obstacles slowing adoption of such
products. The report profiles Andera, CashEdge, Fiserv, Jack Henry
(MeridianLink), Metavante, Online Resources, S1 (S1 Enterprise and Postilian),
Parsam Technologies' uMonitor and Yodlee.
Primary Questions
- How many consumers open accounts online?
- What motivates consumers to open accounts online?
- Do financial institutions deliver the service experience that consumers
expect?
- Are online applicants more profitable than consumers overall?
- What is the return on investment from an online account opening process?
- Do banks and vendors see eye to eye on the primary payoffs and obstacles?
- How do large and small financial institutions set strategies for online
account opening?
- What product features are desirable?
- What distinguishes the nine vendors?
Methodology
The consumer data in this report is based on data collected online from a
random-sample panel of 2,350 respondents in March 2008. The overall margin of
sampling error is ±2.0 percentage points at the 95% confidence level.
The survey targeted respondents based on representative proportions of gender,
age and income compared to the overall U.S. online population.
This report is also based on data collected online from a random-sample panel
of 2,339 respondents in September 2008. The survey targeted respondents based
on representative proportions of gender, age and income compared to the
overall U.S. online population. Overall margin of sampling error is
±2.0% at the 95% confidence level.
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