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Accelerate Deposit Growth with Frictionless Account Opening

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Accelerate Deposit

Accelerate Deposit Growth with Frictionless Account Opening

Account opening is the gateway to growing deposits, yet many banks offer clunky onboarding processes that drive customers away. Bain & Co. recently found that 48% of customers take their business to another financial institution after experiencing friction during account opening. This includes long, complicated applications, ambiguous options and dead ends that keep customers from completing the process. 

For context, Bain & Co. also found that 48% of customers encountered friction when trying to open a checking or savings account. Simple math puts the abandonment rate at nearly 1 of every 4 customers who try to onboard. That’s a significant loss of rocket fuel before even getting off the ground.

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