Less than half of consumers satisfied with the mobile account opening experience
San Francisco, CA, March 28, 2018: Just as consumers have shifted much of their daily banking activity from the branch and online banking to the mobile channel, new account applicants are increasingly turning first to their smartphones.
Nearly a third (32%) of checking account applications are started on a mobile device—more than those initiated online (21%) and nearly equal to the number started at a branch (34%). A new report from Javelin Strategy & Research, Overhauling the Mobile Account Opening Experience
, analyzes how well banks are addressing this surge in mobile applications and why they struggle to deliver a consistent mobile experience across different lines of business.
While most top banks support mobile account opening of checking accounts, the fragmented experience that they deliver often forces applicants into other channels for support. Nearly half (47%) of consumers who began an application on a smartphone had to complete the process elsewhere. A combination of poor user experience, confusing fraud screening processes, and an inability to save partial applications continue to force applicants offline, or to competitors, to meet their needs.
“There is a huge gap today between how banks market their products through the mobile channel and where customers engage most often through their smartphones,” said Emmett Higdon
, Director of Digital Banking at Javelin Strategy & Research. “This disconnect between mobile banking and mobile marketing results in frustrated customers, missed conversion opportunities and a significant opening for competitors.”
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers.