Mobile devices have become the predominant way for consumers to interact with financial institutions (FIs)—for everything from remote deposit capture to photo bill-pay to mobile payments. Mercator Advisory Group expects that the mobile operating system, with all of its unique advantages and constraints, will soon become the primary development environment for all consumer-facing and employee-facing bank capabilities.
Chief among these capabilities is account opening. Mercator Advisory Group’s Customer Monitor Survey Series results tell us that U.S. consumers are increasingly turning to their smartphones and tablets in order to research, compare, and purchase products and services across all industries, including financial services. However, despite this shift in consumer behavior, most financial institutions do not yet allow their customers to open new accounts through the mobile channel. For these institutions, the cost and complexity of rebuilding the account opening process in the mobile channel is simply too high.