Digital account opening abandonment rates are alarmingly high. According to Aite Group, up to 70% of consumers start an application but do not complete it. Yet, research shows that 37% of consumers and >50% of millennials prefer to open a new account via a digital channel or mobile app.
To increase conversions, financial institutions (FIs) must reduce friction in the account opening process. However, many do not know how their account opening experience is performing or where opportunities to reduce friction exist.
This Aite report focuses on trends shaping digital account opening, the metrics needed to manage and assess improvements, and best practices for using technology such as e-signatures and digital identity verification.
Download this report to access:
- Key account opening performance metrics to track
- Strategies to win back abandoned applicants
- Opportunities to introduce technology to validate a remote applicant's identity – and reduce application fraud
- Vendor comparison guide and key stages where OneSpan can help