Financial institutions need to observe and act on competitive intelligence with account-opening capabilities critical to growth.
Banks and other financial institutions are in the midst of a highly competitive race to offer the most streamlined and innovative journeys for onboarding and account opening. Institutions of all sizes are assessing each element of the journey, making upgrades and other changes to web and app environments to get a competitive edge. But digital banking is an ever-changing space, and advances are constant across different financial product journeys.
Retail checking providers are looking to drive top-of-wallet usage as quickly as possible, with fintechs and neobanks leading the pack in offering virtual debit card provisioning and biometric-security functionality in the onboarding process.
64% of U.S.-based fintechs tracked by the Digital Banking Analyzer provide the option to store a card in the digital wallet upon approval.
For credit card providers, account opening begins at product discovery, with prominently placed tools like rewards calculators and customer decision trees to help users find the best card fit for them. Preapproval processes are key differentiators, and immediate approval post-submission ensures a seamless journey. Best-in-class experiences include providing access to the new card via digital wallet provisioning or a virtual card number.
33% of U.S.-based credit card providers tracked by the Digital Banking Analyzer offer pre-qualification eligibility checker tools for own-branded cards during the application process.
In unsecured lending, providers are highlighting application clarity and prioritizing the reduction of approval time. Competitors are continually analyzing pre-application guidance, form features, eligibility and questionaries.
48% of U.S.-based unsecured lending providers tracked by the Digital Banking Analyzer show applicants pre-approved loan offers to choose from before they submit their application.
Within savings, providers are promoting automatic savings tools during onboarding, so customers can begin to build deposits simply and without friction. The tools can also facilitate instant customer engagement and ensure early account use.
35% of U.S.-based savings account providers tracked by the Digital Banking Analyzer offer the ability to set up automatic savings tools.
For small businesses, digital banking checking origination leaders offer funding early in the account set-up journey, encouraging the early depositing behaviors essential for continued account usage and retention.
35% of U.S-based small business checking providers tracked by the Digital Banking Analyzer embed funding in the onboarding process.
The Digital Banking Analyzer tracks more than 300 providers representing more than 3,000 journeys and 150,000 screenshots — and the numbers continue to grow, ensuring our customers have the competitive intelligence they need to shape their digital roadmaps.
