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Research Report 

The Small Business Digital Account Opening Imperative

Explores why legacy processes are a particular pain point for FIs hoping to compete for small and midsize business customers.

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What You'll Learn in this Report

  • It costs 40 percent of FIs less than $75 to open a low-complexity small business deposit account. For 20 percent of FIs, the cost is between $250 and $2,000, while almost 20 percent say that the cost exceeds $750.
  • With the right business account opening solution, FIs can not only accurately calculate their account opening costs, but significantly reduce them.

What's at Stake

%

of FIs consider business account opening speed to be a pain point for their institutions.

%

of FIs need four or more hours to open a small business account.

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About Cornerstone Advisors

At Cornerstone Advisors, our goal is to deliver tangible business impact to financial institutions and fintechs. We know that when institutions improve their strategies, technology, and operations, enhanced financial performance naturally follows. Because we live by the philosophy that businesses can’t improve what they don’t measure, we show banks and credit unions how to use laser-focused measurement to make smarter technology decisions.