Abstract
This report advises financial institutions of any size to implement and enhance their existing online account opening system to take advantage of deposit acquisition, customer retention opportunities, and huge cost savings that will materialize through the exponential growth in online account opening Javelin forecasts over the next five years. This report includes a forecast of adoption of online account opening through 2012, an analysis of nationallyrepresentative consumer data that uncovers ideal adoption segments, recommendations for the optimal online product and account opening process, and a presentation of vendors that will make the retention and acquisition benefits of online account opening a reality for institutions of any size.
Primary Questions
- How many consumers will adopt online account opening for deposit accounts over the next five years?
- What are the critical success factors for maximizing online account opening adoption?
- What are the costs associated with online versus offline account opening?
- Which consumers are most likely to adopt online account opening?
- What differentiates the available vendor solutions from each other?
Table of Contents
- Overview
- Primary Questions
- Findings and Analysis
- Online Account Opening: Gain New Customers, Expand Services per Household
- A focus on deposit accounts
- Factors contributing to the growth of opening accounts online
- Components of the ideal online account opening process
- Product as well as Process Define Success in Online Account Opening
- Matching target and product to maximize uptake of online account opening
- Maximizing Acquisition, Retention and Multi-channel Productivity through Low-cost
- Online Account Opening
- Online account opening solutions optimizing branch and phone channel productivity
- Opening accounts for new versus existing customers
- Younger Consumers Represent the Primary Growth Segment for Online Account
Opening
- Bringing onboarding into online account opening to develop online customer relationships
- Solutions Adaptable to the Online Account Opening Needs of any FI
- Vendor similarities
- Vendor differentiation
- Appendices-Additional Data on Online Account Opening
- Related Research
Table of Charts
- Figure 1 Number of Consumers Opening Deposit Accounts Online, 2003 to 2012
- Figure 2 Screenshot of ING Direct' s ' Open an Account' Page
- Figure 3 Average Cost per Account of Opening Online Versus Offline
- Figure 4 Rate of Online Account Opening within the Past 12 Months by 18- to 24-Year-Olds
- Figure 5 Onboarding Communication Model
- Figure 6 Table of Differentiators for Online Account Opening Solution Vendors
- Figure 7 Motivators for Switching Accounts by Age
- Figure 8 Reasons for Opening Account at a New Financial Institution
- Figure 9 Rate of Online Loan Opening within the Past 12 Months by 18- to 24-year-olds
- Figure 10 Rate of Online Credit Card Opening within the Past 12 Months by 18- to 24-year-olds
