Mobile Account Opening (MAO)

Port online account opening to smartphones to reach the sizable mobile-only segment

Jeanne Capachin

May 2014

: OBR 227



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One of the biggest debates in banking today is the role of the branch. And especially its significance in new account opening. Many analysts, this firm included, see remote account opening as a better experience for the customer and potentially much cheaper for banks (thought it requires downsizing branch networks to achieve meaningful cost savings).

But so far most of the debate has been around the pros and cons of online/desktop account opening vs. the human-guided experience in branch. What’s missing in this discussion is the key role that MOBILE account opening will play going forward.

With superior technology, think OCR via smartphone camera, funding by taking a picture of your debit card, and real-time access to new deposits, mobile opening is much more compelling than desktop. And the technology is here today from the likes of Mitek, Jumio and others. Now it takes the hard work to execute via mobile channels. This report is designed to help you get started.

Mobile Account Opening (MAO)


Mobile banking, account opening, OAO, MAO, onboarding, mobility, digital banking, new account processing