Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Trading Technology

11:26 AM
Connect Directly

Missed Opportunity

Brokerages are missing a cost-effective opportunity to gain new customers and are lagging behind their banking peers by failing to offer online account opening services, according to a study from Boston-based Aite Group. Of the top 15 brokerages, only four (27 percent) allow new accounts to be fully opened in one online session, the study reports.

Traditional account opening processes (paper, in person or over the phone) cost an average of $65 each, compared to $15 for an automated online transaction, Aite estimates. As a result, the financial services industry (banks, brokerages, insurance companies) will spend $134.3 million on account opening automation in the next three years, up from $62 million from 2003-2005.

On The Net

Aite Group

Register for Wall Street & Technology Newsletters
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.