In this edition of Bank Monitor Report, we examine the online applications currently available online, looking for those that offer the best experience for clients. In addition to looking for reports that provide help and guidance to new applicants, we sought out those that offer the most features and options to users before an application is formally submitted, such as the ability to create initial funding deposits. In particular, we focused on the following Key Issues:

• Are applicants able or encouraged to apply for multiple accounts simultaneously?
• What checking account features are users able to apply for within the online application (e.g., debit cards, first orders of checks, overdraft registration)?
• What options do users have for funding their new accounts?
• Which firms are offering pre-application launch pages, progress meters and other forms of Help to applicants?

We found that every firm now offers an account launch page, with most providing it before the start of the actual application, and each offers a progress meter. We also found that while close to 90% of banks now enable users to set or select some aspects of a new checking account within the application, only 50% address initial deposits before an application has been processed. Among those that allow users to set their initial funding plans, all offer ACH transfers, and four allow users to utilize funds-transfers from debit or credit cards.

We also came across the following Key Findings:

• Each application lists between three and seven steps in its application progress bar
• 38% of banks allow applicants to save a partially completed application and return to finish it later
• Only one firm still requires users to visit a branch location to complete the application process