Account initiation is a critical moment of truth in the overall retail banking customer experience. In certain cases, account initiation is a bank’s first opportunity to engage a new customer in a discussion regarding their financial situation. In other cases, it provides the bank an opportunity to engage tenured customers in a discussion about their changing financial needs.

Analysis of data from the 2015 U.S. Retail Banking Satisfaction Study finds that many banks are failing to provide a satisfactory account initiation experience to their customers. In turn, banks are leaving considerable money on the table due to their inability to use the initiation experience as an effective method of building loyalty and deepening relationships via cross-sell of additional products or services.

Download the full Analyst Note to learn more.