Aite Group says that there are potential savings to be made for banks through online account opening. Even if only 5 percent of an institution’s eligible new accounts were opened through an online account opening process, the USD50 cost improvement per case could generate between USD84,000 and USD281,000.
The report provides an overview of the trends that are currently driving increased interest in online account opening. The report also offers institutions a model to help them to consider the savings potential.
“Interest in online account opening technology continues to grow,” says Eva Weber, an analyst at Aite Group and author of the report. “We’re now reaching the point where these solutions are no longer simply nice to have; they are part of what customers expect from their providers.”