Account Opening in the Next Normal

Digital Account Opening Interest Is Exploding, but Many User Experience Gaps Exist

Executive Summary

Bank account opening is bouncing back after a slump during the coronavirus pandemic, and digital account opening (DAO) activity in particular is poised to benefit from the surge. But as banks work to optimize their DAO processes, they will face stiff competition from neobanks and Big Tech companies; both are raising the bar for DAO and count millions of customers among their existing client bases.


  1. What is the state of digital account opening today, and how is DAO expected to grow through 2024?
  2. How are neobanks and digital challengers realigning consumer expectations for the DAO process?
  3. What are the next frontiers in the race to perfect the DAO customer experience?

WHAT’S IN THIS REPORT? We examine the status of digital account opening—focusing primarily on deposit accounts—and what the trajectory of DAO will look like over the next few years for incumbent banks and digital challengers. We address who the different players are in the DAO race, what the steps of the account opening process are, and in which ways digital challengers are refining them. Finally, we look at what’s around the corner for DAO based on perspectives offered to us by executives at banks and third-party DAO solution providers.

KEY STAT: Digital account opening fell drastically in 2020 due to the pandemic, but it’s set to come roaring back this year before returning to more incremental growth in 2022 and beyond. Financial institutions now face a challenge to offer DAO processes that can convert this elevated volume into successful customer acquisition.

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    Table of Contents

    1. Executive Summary
    2. Key Points
    3. Introduction
    4. Account Opening Forecast
    1. Key Players in the Digital Account Opening Race
    2. Account Opening: The Process
    3. What’s to Come: DAO in the ‘Next Normal’
    4. Insider Intelligence Interviews
    1. Read Next
    2. Sources
    3. Media Gallery

    Interviewed for This Report

    Tatjana Bobic
    Director, Customer Engagement
    Interviewed April 7, 2021
    Gregory Brown
    Head of Digital Product Management, Growth and Marketing
    Interviewed May 3, 2021
    Benoit Grangé
    Chief Technology Evangelist
    Interviewed March 24, 2021
    Andrew Ivankovich
    President, Digital Lending and Account Origination Products
    Interviewed April 27, 2021
    Rahim Kaba
    Vice President, Product Marketing
    Interviewed March 24, 2021
    Kevin Kielbasa
    Head of Business Development
    Interviewed March 25, 2021
    Nikhil Lakhanpal
    Interviewed March 19, 2021
    Jake Levant
    Vice President, Marketing
    Interviewed March 24, 2021
    Usha Narayana
    Bank of America
    Chief Digital Executive, Retail
    Interviewed April 28, 2021
    Trisha Price
    Chief Product Officer
    Interviewed April 7, 2021

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