Winning the Digital Front Door: Frictionless Account Opening

Executive Summary:

• Convenience, first-impressions, and simple experiences all play a key role in reducing abandonment rates.
• Expectations for modern digital experiences continue to rise, highlighting the importance of enhanced account opening.
• Offer personalized guidance and optimize your digital tools to enhance relationships.
  

First impressions matter. Especially when someone is trusting you with their financial future.

Your digital front door is often the first interaction someone has with your financial institution – for many, it’s the only branch they’ll ever know. That first impression sets the tone for trust, credibility, and long-term engagement. If your digital ‘curb appeal’ doesn’t inspire confidence, you risk losing potential accountholders before they even begin their journey.

Imagine being invited to a friend’s house for the first time. You’re excited, but when you arrive, there are no directions, you’re not sure which door to use, and after a few minutes of trying, you realize the front door code doesn’t work – so you end up leaving. Not exactly a warm welcome, right?

In our latest Financial Sentiment Study, 40% of consumers said they’re not satisfied with their primary financial institution’s ability to seamlessly open an account online without visiting in person.

Make Opening an Account Effortless

More than half of new deposit account applications are abandoned and the rate is even higher for lending products. Once you’ve captured interest, the next challenge is conversion. That means making account opening effortless.

Set expectations early: 'This will take less than 5 minutes. Have your ID ready.' Use smart technology like pre-fill from ID scans and responsive design to reduce friction. If the process feels clunky or confusing, users will abandon it. But if it’s smooth and intuitive, you’ll see higher completion rates and stronger engagement, ensuring a frictionless journey that scales with your financial institution.

Funding and Engagement – Where Trust Begins

Opening an account is just the beginning. Funding is the first sign of trust. It’s the moment that turns interest into engagement. Yet many financial institutions struggle with unfunded accounts and application abandonment.

Think about funding as not just a transaction – but the gateway to loyalty. Sticky relationships start with value, not just access. It’s where trust begins.

Why a Seamless Digital Account Opening Experience Matters

In today's fast-paced digital world, Gen Z is emerging as a powerful force in the financial landscape.  

In fact, 75% of them dislike going to a branch to open an account. They are more likely to switch financial institutions if they find a better online or mobile experience, with 82% willing to make the switch for improved digital services.

The opportunity is massive: nearly four million Gen Z consumers are expected to open new bank accounts annually through 2026 so it would be wise to have a strategy to serve this audience.

By prioritizing a seamless, digital-first account opening strategy, you’ll be best positioned to capture this growing audience.

What Applicants Expect from Your Account Opening Experience

As expectations rise, offering a modern account opening experience is key to long-term success. Ideally, your account opening experience is:

• Quick (less than five minutes) and easy to complete. Give applicants the ability to create a new checking or savings account in five minutes or less.
• Omni-channel. Embrace a digital-first approach but give applicants the option of human interaction if needed.
• A seamless, step-by-step process. Allow applicants to quickly answer identity verification questions and pre-populate the ones the system already knows.
• Availability on any device. People should be able to open and access a new account on any device (in a browser or from your app on a phone or tablet).

A smooth account opening experience doesn’t just impress. It builds loyalty, boosts conversions, and helps you compete – and win – against fintechs and megabanks who are vying for your accountholders.

Key Moments to Optimize Your Digital Account Opening Experience

Our research shows that many consumers lack confidence in managing financial needs during life events. Only half feel prepared to handle buying a car. Even fewer feel ready for a job change (44%), a major health issue (36%), or the death of a loved one (36%).

By offering personalized guidance and easy ways to compare options, you can help people choose the account that fits their needs – clearly, confidently, and without the guesswork.

Give Users the Power to Open Accounts With Easy Self-Service Tools

In our 2025 Strategy Benchmark, CEOs ranked digital banking and automation as top investment priorities. Don’t get left behind. With the right technology you’ll be able to:

• Let applicants self-serve while your staff focuses on relationship-building.
• Reduce manual errors, lower operating costs, and automate the onboarding and funding process.
• Simplify the experience with integrated features like ID scanning, secure document upload/transfer, and digital signature capture.
• Deliver specific functionality for business applicants.

These capabilities can help you enhance the user experience, improve efficiency, and transform how you connect with accountholders.

It’s clear: innovation is essential. To foster long-term engagement, deliver a seamless, intuitive experience that meets accountholders where they are. And here’s the good news: you don’t have to do it all at once – a digital account opening strategy isn’t a one-size-fits-all approach. Be sure to look for flexible, modular solutions that can be phased in based on your comfort level, priorities, and capacity.

Ready to elevate your accountholder experience and empower your staff? Discover how in our latest blog.