Online Account Opening Goes Mobile, Research Suggests
U.S. consumers are increasingly using their mobile devices for online account applications, according to a new report from Andera, which offers an online and mobile account opening platform for banks.
Nearly a quarter (24%) of online bank account applications processed through Andera’s platform were completed with smartphones or tablets, a 50% increase from last year, Charlie Kroll, Andera’s CEO, said in a statement announcing the results.
“When you consider that, according to Javelin Strategy & Research, tens of millions of Americans applied for checking and savings accounts online in 2013, 24% represents an enormous shift in consumer behavior in a short period of time,” Kroll added.
As consumer banking transactions such as check deposits are already shifting rapidly to the mobile channel, the data indicates that account applications could soon follow suit.
Even though more consumers have a desire to open accounts with their mobile devices, many banks still need to improve the mobile account opening process, Ying Chen, Andera’s SVP of Product Management, said in the statement. Entering data on smartphones and tablets can be inconvenient for customers, so Chen advised leveraging cameras and touchscreen abilities to maximize the potential of mobile devices in account opening.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio