US Account Opening Benchmark 2022

How Top FIs Stack Up on Offering Mobile Account Opening Features

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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.
Table of Contents

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.

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.

Here’s what’s in the full report

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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

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Read This With Insider Intelligence

authors

Maria Elm, Tiffani Montez

Contributors

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