BOSTON—Despite consumer preference for digital engagement, only 23% of new checking accounts are opened digitally, a new report indicates.
“The digital channel is the go-to channel for transactions, yet opening a checking account—the first significant digital experience many consumers have with a financial institution—is too often punctuated by frustrating delays and offline interactions,” explained Aite Group, which authored the study.
While capital has been stretched thin and many onboarding projects have been cut or placed on hold, customer-facing technologies are important to U.S. financial institutions, and their 2015 digital checking account opening spend is forecast to be approximately $300 million, Aite added.
What banks and credit unions are spending on digital account opening is increasing at a steady pace, Aite noted. Bank and CU digital account opening is expected to collectively grow more than 16% by 2018. In 2014 banks and CUs spent $287 million on digital account opening and in 2015 the figure is expected to reach $296 million, according to the report. Aite projects that in 2016 FIs will spend $309 million, $326 million the following year and $347 million in 2018.