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Are Consumers Satisfied with a Digital Account Opening Experience?

By PaymentsJournal
April 10, 2019
in Credit, Customer Experience, Debit, Merchant, Mobile Banking, Truth In Data
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Mobile account opening is gaining traction as consumers become increasingly comfortable using digital banking channels for important financial activities. While the percentage of consumers opening accounts through mobile devices remains moderate, satisfaction among those who use the channel is exceptionally high.

Mercator Advisory Group’s CustomerMonitor Survey Series found that approximately 85% of consumers are satisfied with the digital account opening process, while overall satisfaction with mobile account opening reaches 90%. These strong satisfaction levels suggest that growing consumer trust could encourage broader adoption as financial institutions continue to improve their digital onboarding experiences.

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Data for this episode provided by Mercator Advisory Group’s Customer Monitor Survey Series.

  • While the incidence of opening an account via mobile is moderate (28%)
  • Satisfaction with the digital account opening process is very high (approx. 85%)
  • In fact, overall satisfaction with the mobile account process is 90%
  • Increased trust in this channel will ultimately lead to greater usage as long as the satisfaction results remain strong

About this report

The CustomerMonitor Survey Series delivers a method to monitor critical changes in customer attitudes and behaviors toward payment products and channel usage that shift with changing economic times, channel usage (mobile device use, Internet use, etc.) and with differing product and service offerings (for example: the use of loyalty programs, prepaid offerings, etc.).

Mercator Advisory Group draws upon our broad industry expertise, clients and extensive research capabilities to develop highly topical and relevant questions that impact payments and channel delivery business strategy. It is Mercator Advisory Group’s experience base to answer strategic issues, its consistency of tracking year-over-year trends, and the flexibility working with our members to have public and/or private questions addressed, that differentiate this offering from other survey-based products.

Further, this catalog of primary survey results is offered an exceptional value due to Mercator’s business model that permits access to the full catalog of previous years’ surveys for all users throughout the year of service. Mercator has designed this program to be a continuous series of surveys that are fielded to monitor the shifts in behavior.

 

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Tags: Consumer BehaviorMobile Banking

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