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PROVIDENCE, R.I. — A new study released by Aite Group focusing on online account opening revealed that 60% of the top 20 credit unions (based on assets) offer online account opening, a 35% spike over the previous year. However, only 42% of those that have instituted online account opening also offer online funding. By comparison, 80% of the top 20 banks (based on assets) offer online account opening and of those, 87% also provide online funding opportunities.

The availability of online account opening is often driven by costs, the report read. Aite Group estimated a per-case cost of $15 for online account opening and $65 per-case cost for traditional, manual processes.

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