Online Account Opening Adoption Forecast: The Market Is Ripe for Direct Banking Investments

Table of Contents

• Overview
• Primary Questions
• Findings and Analysis
• Online Account Opening: Gain New Customers, Expand Services per Household
  • A focus on deposit accounts
  • Factors contributing to the growth of opening accounts online
  • Components of the ideal online account opening process
• Product as well as Process Define Success in Online Account Opening
  • Matching target and product to maximize uptake of online account opening
• Maximizing Acquisition, Retention and Multi-channel Productivity through Low-cost
• Online Account Opening
  • Online account opening solutions optimizing branch and phone channel productivity
  • Opening accounts for new versus existing customers
• Younger Consumers Represent the Primary Growth Segment for Online Account Opening
  • Bringing onboarding into online account opening to develop online customer relationships
• Solutions Adaptable to the Online Account Opening Needs of any FI
  • Vendor similarities
  • Vendor differentiation
• Appendices-Additional Data on Online Account Opening
• Related Research

Table of Charts

• Figure 1 Number of Consumers Opening Deposit Accounts Online, 2003 to 2012
• Figure 2 Screenshot of ING Direct' s ' Open an Account' Page
• Figure 3 Average Cost per Account of Opening Online Versus Offline
• Figure 4 Rate of Online Account Opening within the Past 12 Months by 18- to 24-Year-Olds
• Figure 5 Onboarding Communication Model
• Figure 6 Table of Differentiators for Online Account Opening Solution Vendors
• Figure 7 Motivators for Switching Accounts by Age
• Figure 8 Reasons for Opening Account at a New Financial Institution
• Figure 9 Rate of Online Loan Opening within the Past 12 Months by 18- to 24-year-olds
• Figure 10 Rate of Online Credit Card Opening within the Past 12 Months by 18- to 24-year-olds