|Direct Savings Accounts - Simplicity is Key|
|Written by Tim Ullrich|
|Thursday, 06 December 2007 13:23|
We are currently finalizing a new report focusing on Direct Savings Accounts (DSAs) – those (typically) online-only, high-yield accounts that users link to checking accounts. For this research, we opened accounts at the following firms:
The DSA market is still relatively new and continues to evolve as more firms – especially traditional “brick and mortar” banks – introduce new accounts. Here are a few basic findings from the report:
Simplicity is a key theme for DSAs. In this market, customers want things to be quick and to-the-point. This is particularly evident in looking at DSA online applications. The most successful applications we reviewed were invariably the simplest – they were quick to complete, allowed customers to set up the majority of their account information (things like the online banking User ID and Password and debit card preferences) and required minimal follow-up after the application was submitted. See the ING application below for a good example:
Our DSA report will provide comprehensive analysis of DSA applications and highlight industry-wide best practices.