Banks have improved their digital account opening functions, with over three quarters of personal accounts available for opening online.

The findings are from a 2019 report by Temenos, which evaluated 60 large and representative mid-size banks in North America, Europe and Australia.

The study also found 50% of accounts of all types available for opening on mobile devices.

The largest US banks dominated the area of mobile enabled personal banking.

Sixty five percent of digitally active large banks were found to have attained the ‘Digital Promised Land’ this year.

The finding is significant, considering that two years ago bulk of lenders were placed under ‘Legacy Lovers’ or ‘Under Achievers’ categories.

However, mid-market banks, which manage around $75bn in assets, were in the midst of a digital crisis.

According to the study, large and small banks outranked mid-market sized banks by 500%.

The study also revealed the impediment of omnichannel implementation, with just 28% of banks found to be providing a true omnichannel experience.

Temenos chief experience officer Derek Corcoran said: “Globally, banks that invested in digital transformation projects three to five years ago are beginning to see the fruits of their labour in the form of improved customer-facing digital capabilities hitting the market.

“With banks mostly solving only the basic requirements of digital account opening for personal banking, much opportunity still exists for banks to implement advanced retail features, as well as digital sales channels for wealth management and business banking.”