For banks, optimizing digital account opening processes will be critical for customer acquisition after a pandemic slump

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Insider Intelligence

Digital Account Opening Interest Is Exploding, but Many User Experience Gaps Exist

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Bank account opening is bouncing back after a slump during the coronavirus pandemic, and digital account opening (DAO) activity in particular is poised to benefit from the surge. But as banks work to optimize their DAO processes, they will face stiff competition from neobanks and Big Tech companies; both are raising the bar for DAO and count millions of customers among their existing client bases.

In The Account Opening in the Next Normal Report, Insider Intelligence examines the status of digital account opening—focusing primarily on deposit accounts—and what the trajectory of DAO will look like over the next few years for incumbent banks and digital challengers. We address who the different players are in the DAO race, what the steps of the account opening process are, and in which ways digital challengers are refining them. Finally, we look at what's around the corner for DAO based on perspectives offered to us by executives at banks and third-party DAO solution providers.

In full, this exclusive report:

1 Examines the state of digital account opening today, and how the DAO is expected to grow through 2024
2 Discusses how neobanks and digital challengers are realigning consumer expectations for the DAO process
3 Identifies the next frontiers in the race to perfect the DAO customer experience

Get all of these insights and more when you purchase The Account Opening in the Next Normal Report for $995.
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