The news: For every checking account opened online, there are 3.36 applications abandoned, according to a study commissioned by Alkami and written by Cornerstone Advisors, “Annual Benchmarking Study: Digital Banking Performance Metrics.”

Zoom in: Per Alkami's study, digital checking account openings accounted for 27% of last year’s new checking accounts. This reflects steady progress in shifting onboarding to digital channels. However, that progress is undermined by a persistent and significant abandonment problem. 

On average, for every completed digital account, more than three applications are abandoned midprocess, and this ratio has barely improved YoY. In many cases—especially among lower-performing institutions—banks are losing more potential customers than they successfully convert. This abandonment stems from friction in the application journey itself rather than lack of interest. 

Common breakdowns occur when users are forced into offline steps (e.g., uploading documents or contacting a branch), sessions don’t carry across devices, or identity verification introduces delays or confusion. In addition, fraud controls reject about one in four applications. While that may reflect strong risk management, it also raises concerns about filtering out good applicants.

Why this matters: This is one of the highest-impact, most fixable growth opportunities banks have right now. They are already paying to acquire or attract these consumers. People are starting applications, so every abandonment is essentially wasted acquisition spend and lost lifetime value. Fixing onboarding friction can drive immediate account growth without increasing marketing budgets. It also directly affects competitiveness: If a bank’s digital onboarding feels harder than a fintech’s, consumers will switch before even opening an account. 

Zoom out: EMARKETER’s “North America Digital Account Opening Forecast 2026” adds another angle: Improved onboarding has helped digital account opening growth rebound post-pandemic. But that recovery is happening even as many institutions still struggle to convert applicants. Banks that meaningfully reduce onboarding friction stand to unlock additional growth and gain an edge in customer acquisition.

Implications for banks: The next phase of digital account growth will come from capturing existing demand more effectively. That gives smaller players an opening to gain share through superior onboarding while leaving incumbents increasingly exposed if the experiences they provide fall short.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.