Digital Banking Analyzer

Successfully onboarding a new checking account customer is no longer about receiving a completed application form, it’s about embedding a conversational relationship through messaging and experiences that transition into full servicing and everyday banking quickly.  

Institutions continuously iterate their apps and web origination journeys with the aim of facilitating the ultimate in streamlined experiences.  But how customers are supported in this critical journey is divergent.  Just 29% of providers tracked by the Digital Banking Analyzer offer live chat to assist with account opening, while 18% use a virtual assistant to do so. As security and fraud concerns grow, only 37% provide the ability to scan an ID document to automatically complete personal data fields while far fewer use ID scans to verify that customers say who they say they are. 

Importantly, ensuring that the relationship gets started on the right foot has become paramount: Curinos research finds that digital applications have significantly lower retention rates and lower deposit levels highlighting the need to set users up with key account functions in the first 30 days. To offer immediacy of transacting, neobanks lead the way in offering virtual cards and encouraging digital wallet provisioning to make that new debit card top of wallet. Banks are also enabling new customers to fund in more ways beyond the traditional bank transfer with micro deposits. 45% of providers tracked offer debit card funding, and 24% offer account funding via third-party API account linking. 

If banks want to drive better engagement and deposit quality with digitally opened accounts, they need to make it easy for customers to quickly start using the account for early engagement.