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2010 Online Account Opening Consumer Analysis and Vendor Ranking: How to Minimize Abandonment and Maximize Adoption
Javelin Strategy & Research, May 2010, Pages: 74
The online channel has clearly established itself as a virtual branch capable of serving up high-grade banking services at the customer’s convenience. Yet the first significant online experience many consumers have with a financial institution – opening an account – is too often punctuated by frustrating delays, offline interactions and outright rejection. Javelin consumer survey data underscores that too many consumers fail to open and fund an account completely online, and that the process is hobbled by high abandonment rates, faltering ease-of-use grades and worries about security. Improving this process is essential because consumers expect a simple, speedy procedure that can enable them to open a full range of accounts, including checking and savings accounts, credit cards and loan products, retirement accounts and more. In addition to analyzing trends and consumer segmentation data, this report ranks and profiles nine online account opening products from Andera, CashEdge, Fidelity National Information Services (FIS), Fiserv, MeridianLink, Online Resources, uMonitor and Yodlee.
Primary Questions
- How many consumers open accounts online? How successful are they?
- Which types of accounts do consumers open online?
- What motivates consumers to open accounts online?
- Do applicants think it is easy and safe?
- 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?
- What product features are essential or desirable?
- Which online account-opening vendors are best in class and why?
Methodology
This report is based on data collected online from:
- A random-sample panel of 5,211 household finance managers collected in March 2010, with an overall margin of sampling error of ±1.36 percentage points at the 95% confidence level.
- A random-sample panel of 2,779 primary household managers collected in April 2009, with an overall margin of sampling error of ±1.86 percentage points at the 95% confidence level.
- A random-sample panel of 2,350 primary household managers collected in March 2008, with an overall margin of sampling error of ±2.02 percentage points at the 95% confidence level.
The surveys targeted respondents based on representative proportions of gender, age, ethnicity and income compared to the overall U.S. online population. Rounding (in the underlying numbers) in the figures included in this report accounts for the slight differences in totals.
This survey is also based on executive interviews and surveys of eight online account-opening vendors: Andera, CashEdge, FIS, Fiserv, MeridianLink, Online Resources, uMonitor and Yodlee. It is also incorporates interviews with bank executives and a survey of 13 executives at financial institutions that have either already installed online account opening or are in the process of installing online account opening.
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