Reducing Friction in Online Account Opening with Digital ID Verification

February 28, 2022, 10:12 a.m. EST 1 Min Read

Partner Insights from

In today’s world, banks can no longer rely on branch traffic to generate account openings. However, simply enabling a remote account opening process is not enough. This 2021 Research Report looks at industry trends in account origination, where abandonment occurs, and how to reduce friction with digital identity verification – to help decrease abandonment and increase funding. See how keep pace with digital banks that saw 67% growth in 2020.

For reprint and licensing requests for this article, click here.

Securing the digital customer journey

Fraud prevention

Customer Engagement

Customer experience

Digital banking

MORE FROM AMERICAN BANKER

SBA

Florida community bank says regulatory action is imminent

BayFirst Financial, which has reported problems with SBA loans, expects to reach an agreement with its regulators in connection with credit administration and other issues.

By Kevin Wack

October 31
Fintech

Chime leads in new checking accounts opened in 3Q

A report from J.D. Power indicates that the neobank Chime gained the highest percentage of newly opened checking accounts in the third quarter of 2025.

By Melinda Huspen

October 31
Technology

Appeals court sides with Federal Reserve in Custodia Bank case

The court upheld the Federal Reserve Board's right to block Custodia from direct access to its payment systems. The bank is considering asking for a rehearing.

By Penny Crosman

October 31
M&A

Columbia eschews more M&A amid activist investor heat

The Tacoma, Washington-based bank, which has completed two mergers since 2023, said Thursday that it will buy back up to $700 million of its own shares over the next year.

By Catherine Leffert

October 31
Industry News

Former NYDFS superintendent Harris rejoins Sullivan & Cromwell

New York State's former top regulator Adrienne A. Harris has rejoined Sullivan & Cromwell as of counsel and senior policy advisor; Founders Bank appointed Karen Grau to its board of directors; Deutsche Bank's DWS Group is opening an office in Abu Dhabi; and more in this week's banking news roundup.

By Editorial Staff

October 31
Earned Wage Access

EarnIn adds B2B option as consumer groups attack EWA

Earned wage access provider EarnIn, which historically has been known for direct-to-consumer EWA, is now integrating its services with payroll providers. The move comes as consumer advocate groups step up efforts for stricter regulation of the industry.

By Joey Pizzolato

October 31