iProov research report on top 20 american banks customer onboarding process

Report

Online Banking in the U.S. Part 1: Onboarding

29 October 2020

Download Online Banking in the U.S. – Onboarding

How easy is it for a consumer to open a bank account in the United States? In some cases, not easy at all. U.S. banks are often making the online customer onboarding process unnecessarily complicated. Key opportunities to improve security and the user experience are being missed.

iProov researchers created online accounts with 20 of the largest U.S. banks to track the digital onboarding process—from initial website or app contact through online ID setup and account funding.

  • 65% of banks did not allow users to set up an account via a mobile app
  • 50% required three pieces of ID to open an account online
  • 45% of accounts took more than two days to open and fund
  • 20% required the customer to come into a branch or complete the process over the phone – full online onboarding was not possible
  • 35% required more than 20 clicks for onboarding; one bank required 39 clicks, while another onboarded a customer in fewer than 10
  • 75% had four or more password requirements

Download Online Banking in the U.S. Part 1: How 20 of America’s Top Banks Are Balancing Security with Usability for Onboarding

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