The report analyses the online account opening performance of five of the UK’s top retail banks to investigate where banks can improve their online account opening processes. According to the results, only 53% of online account openings are completed, meaning that 47% of online account opening attempts are left abandoned.
One of the key drivers of abandonment is that the traditional process of name and address checking against credit reference agency databases fails just under a third of online account applications in the UK.
When name and address data checks fail and customers are asked to email or bring their ID documents to a branch it causes a huge hole in the onboarding funnel. Banks are investing heavily in marketing to attract customers to the bank’s site or app, however abandonment in online account opening is causing cost per acquisition to rise.
The report also reveals how online account opening volumes are growing and how long it takes on average to open an account online.
David Pope, Director of Marketing at HooYu said that banks should integrate ID document checking and digital footprint analysis into the heart of their online application process so more customers complete and less customers abandon.
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