🇺🇸United States

Poor strategic decisions due to lack of visibility into onboarding funnel metrics

2 verified sources

Definition

Many banks lack granular tracking of visitor-to-applicant conversion, start-to-completion, resume rates, and time-to-completion for deposit account opening, making it difficult to pinpoint and prioritize fixes. This leads to underinvestment or misdirected investment and perpetuates high abandonment and low deposit growth.

Key Findings

  • Financial Impact: Given that 51% of online applications are abandoned and that companies that monitor and optimize seven key metrics materially improve outcomes, failing to measure and act on these metrics can easily leave millions in forgone lifetime revenue each year for a mid-sized institution.[5][8]
  • Frequency: Ongoing (continuous strategic impact)
  • Root Cause: Absence of a structured KPI framework and analytics for the digital onboarding journey—such as not tracking start-to-completion rate or abandon-resume performance—prevents data-driven decisions on UX, staffing, and technology investments.[5][8]

Why This Matters

This pain point represents a significant opportunity for B2B solutions targeting Banking.

Affected Stakeholders

Executive Management, Head of Digital/Online Banking, Business Intelligence / Analytics Teams, Product Managers for Deposit Accounts

Deep Analysis (Premium)

Financial Impact

$100K-$300K annually per teller location in forgone SMB deposits (if 5-10 teller interactions/day × 20-30% experience higher abandonment due to poor UX guidance = $2M-$5M institution-wide) • $150K-$400K annually per advisor in lost cross-sell revenue (avg 100 wealth clients/year × 20-30% potential for deposit cross-sell × $5K-$8K LTV = $100K-$240K per advisor; 10 advisors = $1M-$2.4M institution-wide) • $150K-$400K annually per branch in forgone SMB deposit lifetime value (51% abandonment rate × avg 100 applications/month × $8K-$12K per SMB deposit LTV)

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Current Workarounds

Email summaries from operations team with partial data; manual CRM entries; handwritten account opening logs; ad-hoc data requests to back-office • Manual aggregation of partial data from core banking system reports, web analytics exports, and call center logs into spreadsheets for rough estimates. • Manual Excel pivot tables created from core banking system extracts; daily email summaries of application counts; handwritten tracking of problem applications; verbal communication of abandonment trends to management

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Lost deposit revenue from abandoned digital account opening

For a bank targeting 50,000 new digital deposit accounts/year at $150 lifetime value each, a 51% abandonment rate implies ~25,500 lost accounts or ≈$3.8M revenue loss per year; Europe-wide 68% onboarding failure and North America 60% drop-off represent industry-wide ‘billions in lost revenue’.

Missed cross-sell and upsell during and after account opening

If improved onboarding and data integration can materially ‘boost deposit growth and deepen consumer relationships’, then a mid-sized bank with 100,000 new accounts/year leaving even $50 in incremental product value uncaptured per account loses ≈$5M annually.

Excess staff time and manual work in account opening

If an in-branch account opening consumes an extra 20 minutes of staff time versus a streamlined 10-minute process, at $30/hour fully loaded cost and 50,000 new accounts/year, the excess labor cost is roughly $500,000 annually.

Rework and application handling from fractured omnichannel processes

If 20% of 50,000 annual applications require 10 minutes of rework at $30/hour, rework labor alone costs ≈$50,000/year, excluding error-driven compliance or customer churn impacts.

Rework and error correction due to unclear information requirements

If 15–20% of applications require follow-up or corrections, and each consumes 5–15 minutes of staff time plus additional communication costs, a bank processing 50,000 accounts/year could see tens of thousands of dollars in avoidable handling cost annually.

Slow onboarding delays deposit funding (‘time-to-cash’ drag)

If 10,000 business deposit accounts per year experience an average one-week delay in funding on $25,000 average balances at a 3% net interest margin, the bank defers roughly $144,000 of interest income annually; similar drag exists on retail accounts at scale.

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