Reducing Friction in Online Account Opening with Digital Identity Verification

In today’s world, banks can no longer rely on branch traffic to generate account openings. New deposit accounts per branch have dropped more than 37% over the past seven years, and an increasing number of accounts are being lost to digital banks that offer a seamless online account opening experience.

With abandonment rates above 50%, financial institutions (FIs) that want to win new customers must figure out how to digitally onboard a customer while minimizing friction and fraud. For many, this means adopting digital identity verification methods.

This 2021 Cornerstone Advisors research report looks at industry trends in account origination and where abandonment occurs, and explores how to reduce friction with digital identity verification in order to decrease abandonment and increase funding.

In this white paper, you will learn:

• How to acquire new customers and keep pace with digital banks
• How friction during online account origination causes abandonment rates as high as 90%
• Why clunky digital identity verification experiences negatively impact customer acquisition efforts
• Best practices for evaluating and implementing digital identity verification solutions

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This White Paper is brought to you by OneSpan