U.S. Checking Account Opening: Why Big Banks Are Gaining the Edge
Report Summary
U.S. Checking Account Opening: Why Big Banks Are Gaining the Edge
To overhaul customer onboarding, financial institutions of all sizes should move from product- to client-centricity.
Boston, March 16, 2016 – U.S. consumers are confronted with an increasing number of choices when choosing a financial institution—more organizations than ever are jockeying for their attention, and the competitors aren’t confined to traditional banks and credit unions. It is therefore critical that banks and credit unions of all sizes provide an engaging and flexible onboarding experience while protecting themselves through thoughtful compliance.
This report examines the current trends shaping the account opening experience and compares the onboarding processes of national banks, regional banks, community banks, and credit unions. It is based on a Q2 2015 Aite Group survey of 2,021 U.S. consumers and is the third report in Aite Group’s series on the U.S. checking account opening landscape—find the first here and the second here.
This 23-page Impact Note contains 17 figures and five tables. Clients of Aite Group’s Retail Banking & Payments service can download this report.