The fact that 88.5 million Americans attempted to open account online or with a mobile device in the past 12 months underscores how far online account opening has come in a few short years. Nonetheless, its potential remains largely untapped, especially as consumers place growing importance on mobile capabilities. Today, Javelin Strategy & Research released the firm’s “How to Upgrade Online and Mobile Account Opening for an Omnichannel Era” report, which analyzes the state of online account opening…and mobile too…in contrast to traditional branch applications. The return on investment from digital account opening clearly begins with acquiring customers, but its potential value also can extend to retention, cost avoidance, and revenue.
The initial wave of consumers applying online and opening account has grown to include consumers relying on smartphones and tablets for account openings. Applications using smartphones and tablets represent about 20% of digital applications for checking and savings accounts. One in ten consumers say it is easier to open accounts on smartphones and tablets than it is to log online or visit a branch.
“The overarching strategic challenge is to weave these multiple channels into a consistent, uniform, branded experience. FIs must prepare for a customer who researches an account online, starts an application online or on a mobile device, initiates a chat session or phones a call center, transmits supporting documents with a smartphone, and still might opt to visit a branch to seal the deal. The key is to enable the customer to decide,” said Mark Schwanhausser, Director of Omnichannel Financial Services at Javelin Strategy & Research.
Javelin Strategy & Research’s “How to Upgrade Online and Mobile Account Opening for an Omnichannel Era” report analyzes the state of online and mobile account opening in contrast to traditional branch applications. It is based on an online survey of more than 5,000 consumers, as well as interviews with bankers and vendors.