Optimizing the Digital Account Opening Experience

Section One: Baseline Authentication Questions

25% of survey complete.

Question Title

* How do you rate the security of your banking institution’s current digital account opening application process?

We do an excellent job onboarding and verifying digital identities and have few if any resulting security/fraud incidents

Our digital account opening process is somewhat secure; however, we continue to have some security/fraud incidents

Our process is not secure and results in many security/fraud incidents

Question Title

* How would you describe your customers’ experience during the digital account opening process?

Competitive: Completely convenient and 100% digital

Passable: Customers start the process online or mobile, but then must come into a physical branch to verify their identity

Behind the times: Customers must come into a physical branch for a 100% manual, paper-based account opening process

Question Title

* What are the sources of fraud your institution has experienced during the past year as a direct result of offering digital account opening? (select all that apply)

Synthetic identities

Stolen identities

Bot activity

Other (please specify)

Question Title

* How often does your institution experience fraud during the digital account opening process?

0% (we do not offer digital account opening)

1% - 5%

6% – 25%

26% – 50%

51% – 75%

75% – 100%

Question Title

* What percent of new accounts do you open digitally (or remotely) today?

1% - 10%

11% – 25%

26% – 50%

51% – 75%

76% or higher

Question Title

* What percent of new accounts did you open digitally (or remotely) a year ago?

1% - 10%

11% – 25%

26% – 50%

51% – 75%

76% or higher

Question Title

* What do you see as the biggest obstacles to improving how your institution secures the digital account opening process? (select all that apply)

Our systems are tied to legacy, manual identity verification processes

Our knowledge-based authentication tools are cumbersome and add friction to the onboarding process

Our systems cannot keep up with threat actors who have too many legitimate credentials to use in attempting to open new customers’ accounts.

Our digital account project is not a priority due to lack of funding and resources

Other (please specify)

Question Title

* What is your top objective for your digital account opening process in 2020?

To improve the customer experience and acquire new customers

To combat increases in fraud incidents and related exposure

To comply with new regulations, such as New York Department of Financial Services cyber regulation

To be more competitive against challenger and neo-banks

Other (please specify)