PROVIDENCE, R.I.—Delaying implementation of online account opening could be sacrificing the CU's future profitability, according to a new Andera study.

A new white paper titled The Future of Account Opening indicates Gen Y and well-educated high-income consumers are very comfortable opening accounts online, and that savvy institutions are scoping up these individuals now. The study shows these customers are highly profitable and that online account opening leads individuals to take multiple products, creating a more sticky, long-term relationship.

The study emphasized the importance of developing a multi-channel platform that emphasizes mobile and online banking, as well as branch and call center delivery. The approach, according to the study, can also lower FIs' costs of acquiring and servicing customers by up to 50%.

The paper draws on research by firms such as Javelin, CorePROFIT Solutions, McKinsey, and Aite Group, as well as on Andera's in-house data from more than 29,000 checking account applications.

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