Bank Account Setup Duration Statistics

In this post, we explore the varying durations and processes involved in setting up a bank account, backed by a plethora of statistical insights from reputable sources like Small Business Trends, GOBankingRates Survey, Finder.com, FIS, and more. From rapid digital banking solutions to traditional brick-and-mortar approaches, the data sheds light on the timeframes and efficiencies of different account opening methods in the financial landscape.

Statistic 1

"According to Small Business Trends, it takes about 3-7 days to open a bank account for your business."

Statistic 2

"As per a report of GOBankingRates Survey, around 27% of respondents take less than 1 hour to set up their bank account."

Statistic 3

"On average, according to finder.com, major US banks take about 10 business days to approve an account application."

Statistic 4

"Approximately 34% of consumers in a GOBankingRates survey completed the account setup process within 1-2 hours."

Statistic 5

"A Finder.com survey reveals that on average for in-branch bank accounts, approval can take 48 hours or longer."

Statistic 6

"According to a FIS study, 45% of US customers can open a checking account online in under 10 minutes."

Statistic 7

"According to S&P Global, it takes an average of 12 calendar days to open a small business banking account."

Statistic 8

"Research from Novantas indicates that 20% of people abandon opening a bank account online due to a process that took too long."

Statistic 9

"Fintech Times reports that new digital-only banks can open a bank account in just a matter of minutes."

Statistic 10

"As per PNC Bank, it takes up to 2 business days after applying to open a bank account for verification."

Statistic 11

"Earnest Agency reports that online account opening can be completed in under 10 minutes for 10% of top banks."

Statistic 12

"According to Deloitte, around 73% of online banking customers expect bank account setting up process to be instant."

Statistic 13

"Salesforce statistics report that 71% of millennials would rather go to the dentist than listen to banks."

Statistic 14

"According to a report from BBVA, digital customers require an average of 8.6 minutes to open a bank account online."

Statistic 15

"Visa cited that it takes about 5 minutes to set up a Visa Direct-enabled bank account for money movement services."

Statistic 16

"According to the FCA, only 67% of UK consumer can complete the full process of opening a personal current online."

Overall, the statistics gathered from various sources provide a broad perspective on the varying durations it takes to set up a bank account across different banks and methods. It is evident that the timeframe for opening a bank account can range significantly, from as quick as a few minutes with digital-only banks to as long as 10 business days with major US banks. Interestingly, consumer preferences also play a role, with a considerable percentage seeking quicker and more streamlined account setup processes. Fintech companies are leading the way in offering rapid account opening services, highlighting the importance of efficiency and convenience in the modern banking landscape.