Online Account Opening Is a Hot Topic for Banking Customers and Financial Institutions Alike

New research from Mercator Advisory Group examines the growing interest in establishing an online account opening process for banking products and services. 

Boston, MA – February 11, 2014 – In new research, Online Account Opening and Hybrid Channel Processes Drawing Increased Interest, Mercator Advisory Group reviews the increasing demand for online account opening products and services that combines the efficiencies of an always-on digital world with the personalization of service so long experienced at bank branches, stores, and centers.

“Today’s financial institutions are evaluating ways to boost their account acquisition efforts at the same time banking customers are embracing self-service channels—key reasons the online account opening process is receiving plenty of attention,” comments Ed O’Brien, director of Mercator Advisory Group’s Banking Channels Advisory Service and author of the report.

Highlights of this Research Note include:

  • Consumer survey data indicating the broad extent of online access among U.S. banking customers and potential demand for online account opening 

  • Potential benefits of online processes for financial institutions for efficient onboarding of new customers and adding accounts for existing customers

  • Potential headwinds

  • The importance of multichannel and hybrid channel processes allowing an application to be started in one channel and completed in one or more other channels 

One of the 5 exhibits in the report:

Online Account Opening and Hybrid Channel Processes Drawing Increased Interest_IMAGE

This Research Note is 10 pages long and has 5 exhibits.

Companies mentioned in this research are Andera and Zoot Enterprises.

Members of Mercator Advisory Group Banking Channels Advisory Group have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal