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Online Account Opening Consumer Analysis: How to Optimize Efficiency, Enrollment and Risk
Javelin Strategy & Research, May 2009, Pages: 65
The need for cost-efficient online account opening processes has never been greater. Consumers routinely conduct banking transactions online at their own convenience, and they similarly expect to be able to open and fund accounts at will, quickly and easily, within a single session. Last year, anxious depositors seeking safer havens for their savings drained billions of dollars from wobbling banks, providing a dramatic example of how online opening services can give forward-thinking financial institutions a boost on their competition. And yet, many financial institutions still rely on relatively archaic, paper-driven processes that require manual review in the branch. This report analyzes ten vendors that offer compelling online account opening products, maps out how such products improve profitability, and examines what banks and vendors identify as the key obstacles slowing adoption of such products. The report profiles Andera, CashEdge, Fiserv, Jack Henry (MeridianLink), Metavante, Online Resources, S1 (S1 Enterprise and Postilian), Parsam Technologies’ uMonitor and Yodlee.
Primary Questions
- How many consumers open accounts online?
- What motivates consumers to open accounts online?
- Do financial institutions deliver the service experience that consumers expect?
- Are online applicants more profitable than consumers overall?
- What is the return on investment from an online account opening process?
- Do banks and vendors see eye to eye on the primary payoffs and obstacles?
- How do large and small financial institutions set strategies for online account opening?
- What product features are desirable?
- What distinguishes the nine vendors?
Methodology
The consumer data in this report is based on data collected online from a random-sample panel of 2,350 respondents in March 2008. The overall margin of sampling error is ±2.0 percentage points at the 95% confidence level. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. This report is also based on data collected online from a random-sample panel of 2,339 respondents in September 2008. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±2.0% at the 95% confidence level.
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