In a global study of banks’ digital sales capabilities, North American banks showed the largest improvement, led largely by U.S. institutions, according to a study by financial technology provider Avoka. “The number of U.S. banks in the ‘digital promised land’ quadrant doubled, reflecting the efforts that large U.S. institutions are applying to digital sales,” Avoka said. The “digital promised land” refers to banks that have both a large number of products that offer digital account opening and onboarding, as well as a high-quality customer experience.
Mobile account opening accelerated in 2018; it was available for 40 percent of North American banking products at surveyed banks, up from 18 percent in 2016. Retail banking products saw the highest level of mobile opening readiness at 61 percent. Nearly three in 10 North American wealth management products were eligible for mobile opening, up more than 400 percent from 2016. Small business banking products saw a smaller increase, with just 20 percent eligible for mobile opening, a little more than twice as much in 2016.
Avoka found that banks have lagged in omnichannel account opening, with just 21 percent of North American products allowing a customer to save an opening procedure or application in one channel and resume it in another channel — a figure that has barely budged since 2016. The American Bankers Association endorses the omnichannel digital account opening product offered by Zenmonics as a way to reduce this friction.