Opening a checking account using only a smartphone or tablet is still a pipe dream for most users, according to new research from Javelin Strategy & Research.
According to a study of nearly 1,400 people who successfully applied for checking accounts at the nation's 30 largest retail financial institutions, only 8% of successful applicants were able to complete the entire process from start to finish on their smartphones or tablets — a full 67% had to finish the process in another channel, such as going into a branch.
Online applicants fared a little better: 34% of the successful applicants said they completed the entire application online.
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