Account Opening: Run It Like You Own It

Financial institutions have an opportunity to use technology to make the application process quicker and easier.

Boston, June 12, 2019 – As customers increasingly migrate to the digital channels, many financial institutions will be forced to rethink their account-opening experience. However, many U.S. FIs do not have the proper metrics in place to understand how their account-opening experience is performing and where they have opportunities to reduce friction in the process. The most successful FIs run their account-opening experience like a business by using rich analytics that uncover insights and are making small incremental improvements to the customer experience.

This study focuses on current trends that shape the account-opening experience, the metrics needed to manage account-opening experiences, and best practices in account-opening design. It contains analyses from 24 in-depth Aite Group interviews with senior executives at banks, vendors, and various consulting firms who are responsible for the branch experience, refining their branch strategy, or considering optimizing the account-opening and onboarding experience within the next couple of years.

This 23-page Impact Note contains five figures and five tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions 3Cinteractive, Abe AI, Accenture, Active.Ai, Acuant, Acxiom, Albert, Allied Payment, Amazon, AriadNext, Avaamo, Avoka, Backbase, BankSight, Beyond the Arc, Bold360, Bond.AI, Bottomline Technologies, Brighterion, Capco, ChexSystems, Clinc,, CoreLogic, CU Direct, CustomerMatrix, Datameer, DataVisor, Deloitte, Deluxe Marketing Solutions, DemystData, Digital Onboarding, DocuSign, dunnhumby, Epsilon, eSignLive, Equifax, Experian, EY, Feature Analytics, Featurespace, Feedzai, Finicity, Finn AI, FICO, FIS, Finastra, Fiserv, Glassbox, Gro Solutions, Harland Clarke, Humley, IBM, ID Analytics, IDology, iSoft, IPsoft, Jack Henry & Associates, Jumio, KPMG, Kasisto, Kofax,, LexisNexis Risk Solutions, Lexmark, Marketo, Marquis, MeridianLink, Merkle, Mitek, Netflix, Nielsen, nCino, NCR, NGDATA, Newgen, Next IT, NinthDecimal, Novantas, Nuance, Ondot Systems, Onfido, OneSpan, Oracle, Eloqua, PwC, Paycasso, Payjo, Pegasystems, Personetics, Radius, Risk Ident, SAS, Segmint, ServiceNow, Signicat, Simility, Smart Engine, SoftBank, Symphony Ventures, Syncrement, TIS, TalkBank, Tata Consultancy Services, Terafina, ThetaRay, TransUnion, USAA, Uber, VantageScore, Vantedge, Wally, Wipro, Zenmonics, Zoot Enterprises, and ZyloTech.

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