Are You Truly Engaging
With Customers During Onboarding?

Most banks struggle getting retention and deposit levels from digitally originated accounts to the same level as those historically recorded from in-branch onboarding processes.  

The movement to digital as the primary source of engagement with customers has been well documented, but there is a gulf across banking in terms of ability to engrain and entrench relationships. While digital laggards segregate onboarding and servicing, leaders are continuously rolling out tools and functions that encourage engagement after initial account creation to drive digital channel use, increase deposit levels, and create higher and more sustained levels of customer lifetime value. 

Of the brands tracked by the Digital Banking Analyzer, 37% of US institutions enable account funding by account linking, 74% of which enable the capability via a third party API provider. In the UK, 63% of retail checking providers offer instant application (same day) decisioning. More than half of these brands encourage new customers to add their debit card details to their digital wallet upon approval.