SEATTLE – Two-thirds of banks and credit unions do not offer digital account opening for certificates of deposits, according to a new analysis by CD Valet. For those institutions it’s a “costly gap” at a time when consumers increasingly expect seamless digital experiences, the company said.
CD Valets said its team of Ratewatchers surveyed 4,833 financial institutions, reviewing each website and its deposit product offerings to determine whether digital account opening is available for checking, savings and CD products. The survey found:
- 45.5% of banks and credit unions offer no digital account opening capabilities
- 21% offer digital account opening for savings and checking accounts
- Only 33% of banks and credit unions offer digital account opening for checking accounts, savings accounts and CDs.
‘Just One Piece’
“While critical, digital account opening is just one piece of the puzzle,” CD Valet said. “An effective strategy requires institutions to combine a seamless digital account opening experience with attractive rates and proper visibility. Unbiased rate comparison sites play a key role in helping banks and credit unions achieve that visibility.”
