Digital account opening is on the rise after a pandemic slump.

Today, account opening is surging back after a slump during the coronavirus pandemic, and digital account opening (DAO) activity in particular is poised to benefit. However, banks will face stiff competition from neobanks and big tech companies that are raising the bar for digital account opening and count millions of customers among their existing client bases.

After taking a sizable hit to their business in 2020 from the coronavirus pandemic, digital-only banking players will host 6.5 out of every 10 digital account openings this year—driven by pent-up demand and the gradual return to normalcy.

Simple customers met with turbulent switch to BBVA USA: The shuttered neobank’s users faced lockouts as their accounts migrated over the weekend to sister bank BBVA USA—giving competitors an opening to attract affected customers.

In-app account opening attracts solid demand among survey respondents—19.3% call it “extremely valuable"—and all seven FIs offer this basic functionality. Digital account openings in Canada will bounce back this year from a 2020 lull, per an Insider Intelligence forecast. The ability to customize the features and tools shown in the app offers customers a more flexible experience and boosts engagement.

The growth of investment robo-advisors—algorithm-based account services—spiked last year across the US, the UK, and Canada as investors, especially those belonging to younger populations, took advantage of investment opportunities during the pandemic. For instance, independent robo-advisors Wealthfront and Betterment both reported double-digit increases in account openings during the pandemic.

On today's episode, we discuss how productivity is being reimagined in the WFH era, the implications of physical stores closing again this Thanksgiving, which companies have had recent turnaround performances, whether Netflix opening an online store makes sense, what the Olympics going ahead could mean for everyone, how to trick yourself into eating less, and more. Tune in to the discussion with eMarketer principal analysts Nicole Perrin and Paul Verna and analyst at Insider Intelligence Blake Droesch.

On today's episode, we discuss whether a federal privacy law is still expected this year, some case studies of how companies are building trust in emerging technologies through privacy, and some best practices on how to differentiate on privacy. We then talk about major retailers' Q1 earnings, why Google is opening a brick-and-mortar store, and whether kids being able to shop online by themselves will catch on. Tune in to the discussion with Insider Intelligence senior analyst Sara M. Watson and analyst Daniel Keyes.

KEY STAT: Enhanced mobile banking capabilities serve as an important acquisition and retention factor for BMO customers: 60.8% of overall mobile customers would research a bank’s app before opening an account, while 41.2% of BMO’s customers would switch for a better experience. Key Points.

No. 5: Digital Money Management. Digital money management capabilities let FIs personalize their services and customer interactions. On average, 14.7% of respondents called this set of features “extremely valuable.”. TD could add the following features to aid customer acquisition efforts:. Account aggregation centralizes users’ various assets.

Among adults in Canada who had used mobile banking, 60.8% said they would research a bank’s app prior to opening an account. Key Points. Desjardins can make its mobile banking app stand out from the pack by adding these highly sought-after tools:.