Why fast and easy account validation is the key to onboarding more customers

The article discusses the importance of fast and easy account validation for onboarding more customers in the financial services industry. It highlights that consumers expect instant access to their money, which traditional authentication methods like microdeposits cannot provide. This leads to a 'leaky funnel' where many newly opened accounts go unfunded within the first 30 days. The article suggests using Plaid's Instant Auth for account validation as it can speed up the process from days to less than a second for most US accounts, offering better user experience and security. It also mentions that Plaid supports 100% of US depository accounts through various authentication methods. Furthermore, the article discusses how improving the onboarding experience with Plaid has helped some customers increase their conversion rates significantly.