Two-Thirds of U.S. Banks and Credit Unions Lack Digital CD Account Opening
Event summary
- CD Valet survey of 4,833 financial institutions found only 33% offer digital account opening for CDs
- 45.5% of banks and credit unions have no digital account opening capabilities at all
- 21% offer digital account opening for savings and checking accounts but not CDs
- CD Valet positions itself as a solution to help smaller institutions compete with larger players
The big picture
The survey highlights a significant digital gap in the banking sector at a time when consumers increasingly prefer online financial services. Community banks and credit unions, which often offer higher CD rates than larger institutions, risk losing deposit growth opportunities if they fail to modernize their account opening processes. CD Valet aims to bridge this gap by providing visibility for smaller institutions' products through its digital marketplace.
What we're watching
- Digital Transformation
- How quickly smaller institutions will adopt digital CD account opening to remain competitive
- Deposit Competition
- Whether CD Valet's marketplace can effectively level the playing field for community banks
- Rate Visibility
- The impact of rate comparison sites on deposit flows to smaller institutions
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