New report examines best practices in area of Direct Savings Accounts.

• Position: New Products - Report - Brief article

An 85-page report entitled, "Direct Savings Accounts: A best Practices Review," is being offered by Corporate Insight, New York, a provider of competitive intelligence for financial services companies. The report contains 17 recommendations on what firms can do to improve their DSA offerings.

The report reviews the DSA practices of 11 financial services institutions. The report focuses on five topics: (1) account attributes; (2) account-opening process; (3) private site account information; (4) transfer capabilities; (5) customer service options.

The report suggests that the studied banks showed the most room for improvement in the area of the account-opening process. "Applicants generally were too long, and did not allow users to set up key aspects of their accounts," says John Cantwell, senior analyst at the company.

In addition to the report, the company also offers a copy of all of the new-account welcoming and on-boarding...