New banking customers seek quick onboarding and instant access—but they aren't getting it from banks

The news: Big banks are losing customers to fintechs as early as the account-opening stage. Here’s a look at where banks are falling short in their processes, and what they can do to recover before it’s too late, per Forbes.

Off-task onboarding: Shiny, a PR and marketing firm that works with brands like Barclaycard and lending firm OneMain, conducted an experiment to test different US banks’ digital account opening and onboarding experiences. Its results revealed that the process can be slow, painful, and sometimes even impossible to complete.