US Account Opening Benchmark 2022

How Top FIs Stack Up on Offering Mobile Account Opening Features

Report by Maria Elm, and Tiffani Montez  | Jul 1, 2022
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Table of Contents
Executive Summary
Key Findings
Action Points
Capturing New Deposit Growth in the Digital Age
Leading Mobile Account Opening Players in 2022
Consumers’ Most Valued Features in 2022
No. 1: Account Selection
No. 2: Expectation Setting
No. 3: Account Funding
No. 4: Application Submission
No. 5: Customer Support
No. 6: Updates and Outcomes
Methodology
Glossary
Survey Demographics
Appendix
Read Next
Sources
Media Gallery
About This Report
In 2022, US consumers will collectively open 13.1 million new bank accounts via digital channels, per our estimates. We stack up the mobile account opening experiences of the 10 largest US banks (by domestic asset size) and the four largest US neobanks (by users) based on our analysis of 35 emerging features.
Topics
Banking
United States
Table of Contents
Executive Summary
Key Findings
Action Points
Capturing New Deposit Growth in the Digital Age
Leading Mobile Account Opening Players in 2022
Consumers’ Most Valued Features in 2022
No. 1: Account Selection
No. 2: Expectation Setting
No. 3: Account Funding
No. 4: Application Submission
No. 5: Customer Support
No. 6: Updates and Outcomes
Methodology
Glossary
Survey Demographics
Appendix
Read Next
Sources
Media Gallery

Executive Summary

In 2022, US consumers will collectively open 13.1 million new bank accounts via digital channels, per our estimates. This study reveals which of the 14 largest US banks and neobanks are best positioned to capture this influx of new business, based on the strength of their mobile account opening features.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. What features do consumers value most when opening a new checking account?
  2. What features do top banks and neobanks offer at the account opening stage, and how do they stack up against each other in key feature categories?
  3. How do banks and neobanks rank based on what account opening features they offer and how valuable those features are to consumers?

WHAT’S IN THIS REPORT? An analysis of the most in-demand account opening features that an incumbent or neobank can offer via mobile web to attract and upsell users. The findings pinpoint account opening optimization opportunities on mobile.

The Top 5 Most In-Demand US Mobile Account Opening Features, April 2022 (% of checking account openers selecting
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KEY STAT: Funding a new checking account is top of mind for consumers, with two of the five most in-demand features falling into the category. Nearly 40% of US checking account openers called setting up direct deposit “extremely valuable,” while 30% said the same of using a payment app to make a first deposit.

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Table of Contents

  1. Executive Summary
  2. Key Findings
  3. Action Points
  4. Capturing New Deposit Growth in the Digital Age
  5. Leading Mobile Account Opening Players in 2022
  6. Consumers’ Most Valued Features in 2022
  7. No. 1: Account Selection
  1. No. 2: Expectation Setting
  2. No. 3: Account Funding
  3. No. 4: Application Submission
  4. No. 5: Customer Support
  5. No. 6: Updates and Outcomes
  6. Methodology
  7. Glossary
  1. Survey Demographics
  2. Appendix
  3. Read Next
  4. Sources
  5. Media Gallery

Charts in This Report

The Top 5 Most In-Demand US Mobile Account Opening Features, April 2022 (% of checking account openers selecting "extremely valuable")Mobile Account Opening Feature Rank and Score of Key US Players (rank out of 14, score out of 100*)
Mobile Account Opening Feature Rank of Key US Players, by Category (rank out of 14*)The Top 3 In-Demand US Mobile Account Opening Features, by Category, April 2022 (% of checking account openers selecting "extremely valuable")
Account Selection Feature Rank and Score of Key US Players (rank out of 14, score out of 100*)Account Selection Features of Key US Banks and Neobanks
Reasons US Adults Opened a New Checking Account in the Past 12 Months, April 2022 (% of respondents )Expectation Setting Feature Rank and Score of Key US Players (rank out of 14, score out of 100*)
Expectation Setting Features of Key US Banks and NeobanksAccount Funding Feature Rank and Score of Key US Players (rank out of 14, score out of 100*)
Account Funding Features of Key US Banks and NeobanksApplication Submission Feature Rank and Score of Key US Players (rank out of 14, score out of 100*)
Application Submission Features of Key US Banks and NeobanksCustomer Support Feature Rank and Score of Key US Players (rank out of 14, score out of 100*)
Customer Support Features of Key US Banks and NeobanksUpdates and Outcomes Feature Rank and Score of Key US Players (rank out of 14, score out of 100*)
Updates and Outcomes Features of Key US Banks and NeobanksGlossary: US Account Opening Benchmark 2022
Demographic Summary of Respondents, US Account Opening Benchmark 2022, June 2022 (% of total)

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authors

Maria Elm, and Tiffani Montez

Contributors

Caitlin Cahalan
Researcher, Financial Services
Ona Koehler
Senior Director, Benchmarking
Na Li
Director, Primary Research
Daniel Van Dyke
VP, Content