Banks still lag in digital account-opening. That’s bad.

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DIGITAL ACCOUNT-OPENING STILL A DISAPPOINTMENT: I thought improving the digital account-opening process was a problem that would be solved five years ago, but I was wrong, and I don’t understand what the problem is because there are third parties like Mantl to help. According to Cornerstone data, from the third quarter of 2020, only 14% of banks and credit unions say their abandonment rates are under 10%, while a quarter of the banks say it’s over 50%. Every bank needs to set two simple goals: customers should be able to open deposit accounts in less than five minutes and the abandonment rate should be less than 10%.

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