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Innovators Push Funding Of New Digital Accounts

Accounts originated digitally hold lower balances than those originated in branch, and their retention rates are on average more than 40% lower after 18 months on book. To improve performance and pursue primacy, leading financial services providers target funding during the account opening  journey. 

Institutions use different approaches to integrate funding into the onboarding process. Of the U.S.-based retail checking providers tracked by Curinos’ Digital Banking Analyzer, for example, 39% offer funding through some form of automated account linking, with 29% employing a named third-party API for it.  

As part of initial funding, some providers – including Chime and Current – seek recurring transactions by encouraging new users to set up direct deposit, often by placing prominent calls to action on the origination screens (see illustration).  

Along with digital debit card issuance, this innovation is meant to jumpstart relationship-building by making new-to-bank applicants feel like customers immediately as key depositing and spending behaviors are locked in from the start.  

Digital Onboarding Interface​ ​

Chime and Current use clear calls to action to encourage customer to enroll for direct deposit during initial funding​. ​

July 16, 2024

Mass Affluent: Big Opportunity, But At A Cost

Mass affluent customers are desirable. They have steady incomes and larger deposits, and they can be cross-sold into other profitable services such as lending and wealth management. But in today’s high rate environment, these more sophisticated clients are also demanding significantly more on rate than their mass market counterparts, so holding on to them is more costly than in the past.
READ TIME: 1 MIN

July 11, 2024

Personalization: Larger Banks Report Struggling To Get Their Data Right

Some larger banking institutions are struggling to get their data in order as competitive pressure mounts to evolve past batch-and-blast communications and into the realm of personalized marketing communications.
READ TIME: 1 MIN

July 9, 2024

LMI Lending: Considerations For Success

Lending in low- to moderate-income (LMI) areas and households is a cornerstone to successfully complying with the Community Reinvestment Act (CRA). One often-overlooked component of LMI is making sure lending products and credit guidelines fit the needs of borrower profiles.
READ TIME: 1 MIN

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