This plan focuses on optimizing the metrics for online bank account opening. The conversion rate measures how effectively the website turns visitors into account holders, with a benchmark of 5-15%. For instance, improving the website speed can enhance the user experience and increase conversion rates.
Another crucial metric is the application completion rate, aiming for above 80%. By making forms shorter and simpler, banks can facilitate the completion process and reduce friction. Similarly, the time to open an account should be under 10 minutes. Streamlining steps, such as using pre-filled forms, can significantly cut down the time required.
Additionally, the abandonment rate should be kept under 20% by analyzing where users drop off and simplifying the user journey. Lastly, a high customer satisfaction score, over 80%, indicates successful experiences, achievable through feedback and responsive customer service.
Top 5 metrics for Online Bank Account Opening
1. Conversion Rate
The percentage of visitors to your website who successfully open a bank account online.
What good looks like for this metric: 5-15%
How to improve this metric:- Simplify the online account opening process
- Improve website speed
- Enhance clarity of instructions
- Offer live chat support
- Test and refine user interface
2. Application Completion Rate
The percentage of users who start the application process and successfully complete it.
What good looks like for this metric: Above 80%
How to improve this metric:- Make forms shorter and simpler
- Provide clear progress indicators
- Reduce mandatory fields initially
- Allow saving applications for later completion
- Offer guidance and help during the process
3. Time to Open Account
The average time it takes for a customer to complete the online account opening process.
What good looks like for this metric: Less than 10 minutes
How to improve this metric:- Streamline verification processes
- Automate document uploads
- Use pre-filled forms where possible
- Minimize user input requirements
- Provide instant confirmation upon completion
4. Abandonment Rate
The percentage of users who start but do not complete the online account opening process.
What good looks like for this metric: Less than 20%
How to improve this metric:- Analyze drop-off points in the process
- Simplify the user journey
- Send reminders for incomplete applications
- Offer incentives to complete applications
- Enhance user experience with feedback opportunities
5. Customer Satisfaction Score
A measure of how satisfied customers are with the online account opening process, typically obtained through surveys.
What good looks like for this metric: Above 80%
How to improve this metric:- Conduct regular customer surveys
- Act on feedback to improve processes
- Ensure help resources are easily accessible
- Provide tutorials or guides
- Monitor customer service response times
How to track Online Bank Account Opening metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
