In today’s world, banks can no longer rely on branch traffic to generate account openings. New deposit accounts per branch have dropped more than 37% over the past seven years, and an increasing number of accounts are being lost to digital banks that offer a seamless online account opening experience.
However, simply enabling a remote account opening process is not enough. With abandonment rates above 50%, financial institutions (FIs) that want to win new customers must figure out how to digitally onboard a customer while also minimizing friction and fraud. For many, this means adopting digital identity verification methods.
This 2021 research report looks at industry trends in account origination, where abandonment occurs, and how to reduce friction with digital identity verification – to help decrease abandonment and increase funding.
Download this report to learn:
- How to acquire new customers and keep pace with digital banks that saw 67% growth in 2020
- How friction during online account origination causes abandonment rates as high as 90%
- Why clunky digital identity verification experiences can impact your customer acquisition efforts
- Best practices for evaluating and implementing digital identity verification solutions
Read this report now >>