Executive Brief: Online Account Applications and Opening
With today’s consumers living in an 24/7, always-connected world via their smartphones, many desire to extend their experience with stores and other retailers to their banks and credit unions. Many often enjoy the concept of having “a bank in their pocket” as they go about their daily lives.
This executive brief examines how banking customers increasingly expect instant access to a wide range of banking activities beyond checking balances and conducting simple transactions, to include checking and loan account applications and opening capabilities. Through proprietary ath Power voice-of-the-customer research, we review just how popular this capability is to banking customers, the percentage of respondents who use it, and reasons for non-usage and account abandonment.
During January 2017, 3,070 retail banking consumers responded to an online survey composed of questions designed to identify factors that determined satisfaction with their digital experience, and to uncover impediments to producing such an experience. Of the 3,070 respondents, 2,379 identified themselves as current mobile banking users. Through this evaluation, consumers provided information about their current digital banking behaviors, the features and functionality they value or would like to see added, and an assessment of their current digital banking experience. The insights from these findings are chronicled in this year’s edition of The ath Power Consumer Digital Banking Study™.