A recent study of banking customers shows that many people have a difficult time opening a bank account online. Sure, online account opening is a fantastic idea for everyone involved. In theory, banks benefit by enjoying reduced account opening costs (thanks to reduced overhead and costs). Customers benefit from increased efficiency and convenience.
A recent Javelin study shows that online account opening procedures still suffer from problems. For example, 1 out of every 3 customers who tried to open a bank account online was forced to complete the account opening process by either calling a customer service representative or by physically visiting a brick and mortar bank location.
Here’s how one publication put it:
It’s as if financial institutions are welcoming customers to their online “branch” but applicants must heave their shoulders against a jammed automatic door in order to get in.
Clearly, there is some work to be done in improving internet banking procedures (particularly with respect to account opening procedures).
