Table of Contents
- Overview
- Primary Questions
- Findings and Analysis
- Methodology
- Executive Summary
- Key Findings at a Glance
- Key Recommendations
- High Failure Rates Undermine an Essential Service
- It' s a Given: Many Consumers Want to Sign Up Online
- Gen Y Opportunity
- Most Online Applicants Already are Familiar With the Bank
- Applicants Expect a Quick, Hassle-Free Experience
- Primary Motivations Vary Among Existing, Past and New Customers
- The Main Consumer Complaint
- Most Applicants Say Application Process is ' Easy'
- Unlike Consumers in General, Successful Applicants Balk at Visiting
Branch to Confirm Identity
- Female Applicants Encounter More Obstacles
- Females Fail Much More Often Than Men
- Successful Applicants Are More Profitable
- Successful Applicants Use More Bank Products
- Successful Applicants Use All Banking Channels
- Successful Online Applicants Embrace Online and Mobile Banking
- Fees and Lack of Online Services Frustrate Successful Online Applicants
- The Business Case for Online Account Opening
- Bankers and Vendors Agree on ROI
- How Bankers Grade Online Account Opening Products
- The Primary Obstacles - and Why There' s Finger-pointing Between Vendors
and Bankers
- Bankers and Vendors Blame Each Other for Shortcomings
- How it Works: From Application to Funding
- Identity Verification
- Funding Verification
- Data Analysis
- Microdeposit Authentication
- Account Aggregation
- Why Strategies for Large and Small Financial Institutions Vary
- A Checklist of Desirable Features
- Vendor Profiles
- Andera
- CashEdge
- Fiserv
- Jack Henry & Associates Inc. (MeridianLink)
- Metavante
- Online Resources
- S1 Corp. (S1 Enterprise and Postilion)
- uMonitor - Parsam Technologies
- Yodlee
- Related Research
- Companies Mentioned
Table of Figures
- Figure 1: Online Account Opening Process
- Figure 2: Efficiency Cost Savings Gained for Accounts Successfully Opened
Online in 2008
- Figure 3: Opened a Checking Account Online Without Needing to Phone or
Visit Bank
- Figure 4: Last Time Attempted to Open Checking Account Online (All
Consumers)
- Figure 5: Last Time Attempted to Open Checking Account Online (By
Generation)
- Figure 6: Online Applicant Relationships With the Bank
- Figure 7: Consumer Motivations for Applying for Checking Account Online
- Figure 8: Motivations for Applying Online (By Relationship to Bank)
- Figure 9: Consumer Challenges When Opening Account Online
- Figure 10: Ease of Process (By Age)
- Figure 11: Preferences for Verifying Identity When Opening an Account
Online
- Figure 12: Success Rates for Completing and Funding Application Entirely
Online (By Gender)
- Figure 13: Banking Products Currently Used
- Figure 14: Conducted Various Banking Activities in Past 30 Days
- Figure 15: Banking Activities in the Previous Week
- Figure 16: Reasons for Switching Banks (By Success in Funding Account
Online)
- Figure 17: Online Account Opening Cost Savings
- Figure 18: Primary Factors Driving Return on Investment (Bankers vs.
Vendors)
- Figure 19: Biggest Obstacles That Stand in the Way
- Figure 20: Online Account Opening Workflow
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