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Improving the account opening experience

First impressions count for Millennials and digital banking customers

We all know that first impressions matter. This is also true when it comes to account opening in banking, where regulatory expectations have made this process more complex and time-consuming.

October 10, 2017

A blog post by Val Srinivas, Banking & Securities research leader, Deloitte Services LP.

Our everyday experiences suggest that with other products—such as online commerce, ride-sharing services, or even person-to-person payments and online lending—account opening is generally smoother and quicker. Based on experiences in other domains, consumers, especially Millennials, want more from banks.

However, it might seem that banks cannot do much to improve the account opening experience given the constraints they face.

But is there an empirical justification for this view? We, at the Deloitte Center for Financial Services, decided to find out, using a detailed survey among 3,000 consumers. Some of the findings are shown below. The most notable insight is that even though many consumers are satisfied with the account opening experience with banks, a fair number of consumers, especially Millennials, think the process can be improved.

You may also see this report for more of the survey findings and on what we believe banks can do meet customer expectations in this area. Hint: speed and follow-up.

Please let us know what you think. Do you think banks can do a better job improving the account opening experience, and, if so, how?

QuickLook is a weekly blog from the Deloitte Center for Financial Services about technology, innovation, growth, regulation, and other challenges facing the industry. The views expressed in this blog are those of the blogger and not official statements by Deloitte or any of its affiliates or member firms.

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