Deposit gathering has reemerged as one of the most pressing strategic priorities for financial institutions. According to Cornerstone Advisors’ What’s Going On in Banking 2025 report, it remains the top challenge for banks, while new member growth leads the list of concerns for credit unions. These findings point to a shared realization across the industry: deposit account opening needs immediate attention.
Cornerstone’s report highlights that deposit account opening is now the most frequently cited technology initiative planned for enhancement or replacement on both the consumer and commercial sides of the business. And yet, many are still finding their way to beginning this journey. Only half of the banks that intended to modernize their consumer deposit account opening systems in 2024 followed through. However, 22 percent plan to take action in 2025. For credit unions, 37 percent intend to replace their systems this year, the highest level recorded in the report’s history.
This momentum reflects a broader shift in how financial institutions are approaching account opening. No longer seen as a back-office process, it is increasingly viewed as a strategic opportunity. Modern platforms give institutions better access to customer data from the start, improving segmentation, enabling more personalized product offerings, and driving long-term engagement. The ability to capture and act on data at onboarding also opens the door for more effective cross-sell strategies, particularly for the growing number of customers who hold both consumer and small business accounts.
While many banks and credit unions are beginning this modernization journey, execution remains a challenge. Legacy systems, siloed infrastructure, and outdated workflows make it difficult to implement new technology or integrate it meaningfully into the broader digital strategy.
Account Opening Shapes the Customer Experience
Deposit account opening is often the customer’s first interaction with a financial institution. It sets the tone for the entire relationship. Today’s consumers expect fast, intuitive digital experiences, but delivering on those expectations requires more than surface-level design. Behind the scenes, institutions need the right technology foundation.
Modern deposit account opening solutions support real-time data validation, automated risk screening, intelligent decisioning, and seamless integration with existing fraud, compliance, and CRM systems. These capabilities allow institutions to move faster and make smarter decisions without adding unnecessary complexity or burden to the customer.
The result is an experience that feels simple to the user but is powered by automation and intelligence. This improves customer satisfaction while also reducing time to onboard and lowering operational risk.
Improving Efficiency While Enabling Growth
Beyond experience, deposit account opening plays a direct role in banker productivity. Disconnected processes can frustrate staff, especially when trying to serve individuals who maintain both personal and business accounts. Without a unified view of the customer, banks and credit unions risk missing opportunities to strengthen relationships and streamline service.
Among our clients, we see and hear this every day. There is a growing awareness that the right technology can significantly reduce manual work, increase throughput, and improve compliance outcomes. With staffing pressures continuing across the industry, tools that support efficiency are more important than ever.
Deposit account opening also supports broader digital growth strategies. A modern platform can capture more complete customer profiles, integrate with marketing and analytics tools, and enable more personalized outreach and product recommendations. This gives institutions better visibility into emerging needs and helps align digital engagement with long-term business goals.
A Foundational Step Toward Future Readiness
For financial institutions focused on meeting the moment, deposit account opening represents a high-impact place to start. It is one of the few areas where institutions can enhance customer experience, drive internal efficiency, and unlock new growth opportunities all at once.
The technology to achieve this already exists. Many banks and credit unions have begun making progress, and more are preparing to follow. The key is to treat deposit account opening not as a simple systems upgrade, but as part of a broader strategy to modernize how the institution operates and serves its customers.
Institutions that take action now will be better positioned to compete and grow in the years ahead. Deposit account opening can be more than a process. It can be the foundation for a scalable, intelligent, and responsive digital banking experience.
