Almost two out of every three consumers are comfortable opening new accounts digitally, when compared with not even half saying they like to manage their existing loan accounts this way, based on PYMNTS' February 2022 edition of \”Account Opening And Loan servicing software Within the Digital Environment\”.
That comfort level gap is even larger among Generation Z consumers, who've fewer loan accounts to handle compared to those in their more senior generations.
PYMNTS research also implies that consumers feel a little more comfortable opening accounts utilizing a mobile app than on an internet browser: about 64% of consumers said these were \”very\” or \”extremely\” comfortable opening a merchant account via mobile app, compared to 63% who have been comfortable opening an account via internet browser.
Consumers earning a lot more than $100,000 represent the best share who said these were \”very\” or \”extremely\” comfortable opening a merchant account using a web browser (72%) and mobile app (74%). Almost 4 out of 5 Generation Z consumers (78%) say they are \”very\” or \”extremely\” comfortable opening an account via mobile app, leading the way among our respondents.
The study, a PYMNTS collaboration with Finicity, a Mastercard company, examined consumers' comfort levels in opening new financial accounts and managing your finance accounts digitally, for example via web browser or mobile app based on a survey of 2,303 U.S. consumers conducted from Dec. 6 to Dec. 12.
PYMNTS generally found no significant differences between internet browser and mobile app users with regards to managing loans, apart from among baby boomers and seniors: 40% were \”very\” or \”extremely\” comfortable managing a loan account via web browser, when compared with 25% who have been \”very\” or \”extremely\” comfortable building a loan account via mobile app.
As with many things nowadays, convenience is a key driver behind consumers' growing interest in opening financial accounts online. The research showed that 1 / 2 of consumers would be \”more\” or \”much more\” likely to open a brand new account when they could sign in to their existing bank and automatically get their financial data presented to the new account rather than having to provide their credentials at account opening.
The study also demonstrated that 55% of consumers would be \”more\” or \”much more\” likely to open a brand new account if funds were directly transferred from a current bank or loan account.
Want to learn more about what consumers want from their digital banking experience? Download \”Account Opening And Loan Servicing Within the Digital Environment\” for the latest information.