RESEARCH · CONSUMER BANKING

Novo's Conversion Scorecard

Novo scored an 80.7 / 100 for customer conversion on its business bank account application.

Why SOLO Scores

SOLO works with 100s of fintech programs to optimize the unit economics and customer conversion of their data collection processes on behalf of their sponsor banks. This research provides a baseline for the impacts of data reusability through the SOLO network.

Where Novo Ranked

See where Novo landed in the review and rankings of the Conversion Scorecard for Business Checking Accounts.

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What’s behind the score.

Novo pairs a clean, well-communicated flow — no redundant asks, clear rationale for every sensitive request, real-time status emails — with a heavy load: 38 fields across 12 screens plus a second device, an ID upload, a selfie, and an Articles of Incorporation upload that stretched completion to 15:26.

fields across 12 screens, plus a second device to finish
User Effort
from first screen to completion — most of it uploads
Application time
Same day
account live — well ahead of the stated 3-business-day window
Decision speed
clarity of approval — eligibility criteria communicated before applying
Outcome transparency

Methodology

SOLO reviewed the application across four primary categories: User Effort, Application Time, Decision Speed, and Outcome Transparency. Each sub-metric is scored 1–5 against a fixed rubric.

Full Scorecard

17 SUB-METRICS

Sub-metric · What's measured

Total number of screens

How many times the user clicks to the next screen

Score

1 / 5

Why this score — And not more

12 total screens, plus a separate phone required for completion — past the 5+ screen floor.

Sub-metric · What's measured

Total number of fields

Total fields / data points supplied

Score

1 / 5

Why this score — And not more

38 total fields across two devices — well past the ≥25 floor.

Sub-metric · What's measured

Manual data entry

Information the user must type in manually, excluding uploads and account connections

Score

3 / 5

Why this score — And not more

Pre-fill confirmed details already supplied or present in the Articles of Incorporation. A 4 requires most data pulled automatically.

Sub-metric · What's measured

Document / file uploads

Level of document collection required

Score

4 / 5

Why this score — And not more

Manual ID upload and Articles of Incorporation required, but a seamless process with device connectivity. A 5 requires no uploads at all.

Sub-metric · What's measured

Account connections

Level of account connections required or optional, and how they improve the experience

Score

5 / 5 · ceiling

Why this score — And not more

No account connection required to complete onboarding.

Sub-metric · What's measured

Repeated actions

Number of times a user completes redundant work

Score

5 / 5 · ceiling

Why this score — And not more

No redundant asks — previously supplied addresses were reused where applicable.

Sub-metric · What's measured

Sensitivity of information required

How much trust is required of the user, and whether it is merited

Score

5 / 5 · ceiling

Why this score — And not more

Clearly articulates why sensitive information is asked, and that only what the partner bank requires will be collected.

Sub-metric · What's measured

User self-sufficiency

Can the user complete the application on their own

Score

5 / 5 · ceiling

Why this score — And not more

Fully self-sufficient, end to end.

Sub-metric · What's measured

Total number of follow-up actions required

All tasks completed within the same application flow — zero follow-ups.

Score

5 / 5 · ceiling

Why this score — And not more

Zero follow-up tasks — a fully contained application.

Sub-metric · What's measured

Error recovery & resilience

The text with the application link made resuming very quick and easy.

Score

5 / 5 · ceiling

Why this score — And not more

Cross-device connection was seamless.

User effort. Full Conversion Scorecard methodology by category and sub-metric.
Sub-metric · What's measured	Score	Why this score — And not more
Total number of screens How many times the user clicks to the next screen	1 / 5	12 total screens, plus a separate phone required for completion — past the 5+ screen floor.
Total number of fields Total fields / data points supplied	1 / 5	38 total fields across two devices — well past the ≥25 floor.
Manual data entry Information the user must type in manually, excluding uploads and account connections	3 / 5	Pre-fill confirmed details already supplied or present in the Articles of Incorporation. A 4 requires most data pulled automatically.
Document / file uploads Level of document collection required	4 / 5	Manual ID upload and Articles of Incorporation required, but a seamless process with device connectivity. A 5 requires no uploads at all.
Account connections Level of account connections required or optional, and how they improve the experience	5 / 5 · ceiling	No account connection required to complete onboarding.
Repeated actions Number of times a user completes redundant work	5 / 5 · ceiling	No redundant asks — previously supplied addresses were reused where applicable.
Sensitivity of information required How much trust is required of the user, and whether it is merited	5 / 5 · ceiling	Clearly articulates why sensitive information is asked, and that only what the partner bank requires will be collected.
User self-sufficiency Can the user complete the application on their own	5 / 5 · ceiling	Fully self-sufficient, end to end.
Total number of follow-up actions required All tasks completed within the same application flow — zero follow-ups.	5 / 5 · ceiling	Zero follow-up tasks — a fully contained application.
Error recovery & resilience The text with the application link made resuming very quick and easy.	5 / 5 · ceiling	Cross-device connection was seamless.

Sub-metric · What's measured

Time from first screen to completion screen

Stopwatch “start” → “complete”

Score

3 / 5

Why this score — And not more

15:26 total — inside the 10–20 minute band. A 4 is under 10 minutes.

Sub-metric · What's measured

Time to complete follow-up requests

Time it takes the user to complete assigned follow-up tasks

Score

5 / 5 · ceiling

Why this score — And not more

No follow-up requests required.

Application time. Full Conversion Scorecard methodology by category and sub-metric.
Sub-metric · What's measured	Score	Why this score — And not more
Time from first screen to completion screen Stopwatch “start” → “complete”	3 / 5	15:26 total — inside the 10–20 minute band. A 4 is under 10 minutes.
Time to complete follow-up requests Time it takes the user to complete assigned follow-up tasks	5 / 5 · ceiling	No follow-up requests required.

Sub-metric · What's measured

Time to final decision, from application start

Stopwatch “start” → account open / decision made

Score

4 / 5

Why this score — And not more

A 3-business-day window was stated; notice the account was live arrived the same day. A 5 is an instant decision.

Sub-metric · What's measured

Time between communications

Responsiveness for additional tasks needed to move the application forward

Score

5 / 5 · ceiling

Why this score — And not more

Real-time email alerts conveyed account status and next steps.

Decision speed. Full Conversion Scorecard methodology by category and sub-metric.
Sub-metric · What's measured	Score	Why this score — And not more
Time to final decision, from application start Stopwatch “start” → account open / decision made	4 / 5	A 3-business-day window was stated; notice the account was live arrived the same day. A 5 is an instant decision.
Time between communications Responsiveness for additional tasks needed to move the application forward	5 / 5 · ceiling	Real-time email alerts conveyed account status and next steps.

Sub-metric · What's measured

Clarity of approval

Is a “why” stated for the outcome

Score

5 / 5 · ceiling

Why this score — And not more

Eligibility criteria communicated before the application; the applicant was prepared for what would be asked and how it would be used.

Sub-metric · What's measured

Ongoing data usage understanding

Do I know how my data is used on an ongoing basis

Score

3 / 5

Why this score — And not more

Disclosures provided, but densely communicated. A 4 provides ongoing plain-language visibility tied to user actions.

Sub-metric · What's measured

Data privacy controls

Can I control permissions over who sees what

Score

3 / 5

Why this score — And not more

Limited controls over how much data is shared long term. A 4 requires granular, revocable controls.

Outcome transparency. Full Conversion Scorecard methodology by category and sub-metric.
Sub-metric · What's measured	Score	Why this score — And not more
Clarity of approval Is a “why” stated for the outcome	5 / 5 · ceiling	Eligibility criteria communicated before the application; the applicant was prepared for what would be asked and how it would be used.
Ongoing data usage understanding Do I know how my data is used on an ongoing basis	3 / 5	Disclosures provided, but densely communicated. A 4 provides ongoing plain-language visibility tied to user actions.
Data privacy controls Can I control permissions over who sees what	3 / 5	Limited controls over how much data is shared long term. A 4 requires granular, revocable controls.

Opportunity

Highlights

Wins, losses, and what the network would fix.

Category: User effort
Wins: No redundancy, clear rationale for every sensitive ask, and a seamless cross-device flow.
Losses: 38 fields, 12 screens, two devices, and three separate verification steps: ID upload, selfie, and Articles of Incorporation.
Opportunities: Reusable KYB/KYC through the network would remove the Articles upload and ID check — the two heaviest steps in the flow.

Category: Application time
Wins: No follow-up requests after submission.
Losses: 15:26 to complete — most of it spent on uploads and re-keyed business data.
Opportunities: Pre-filled business identity would cut completion below the 7-minute ceiling.

Category: Decision speed
Wins: Account live the same day, well ahead of the stated window, with real-time alerts.
Losses: The decision was not instant — a stated 3-business-day review window.
Opportunities: Network-verified identity and formation data would support instant decisioning.

Category: Outcome transparency
Wins: Best-in-class clarity before and after the application.
Losses: Dense disclosures and limited long-term privacy controls.
Opportunities: A persistent, plain-language data-use view with granular, revocable permissions.

Opportunity highlights by category: wins, losses, and what the network would fix.
Category	Wins	Losses	Opportunities
User effort	No redundancy, clear rationale for every sensitive ask, and a seamless cross-device flow.	38 fields, 12 screens, two devices, and three separate verification steps: ID upload, selfie, and Articles of Incorporation.	Reusable KYB/KYC through the network would remove the Articles upload and ID check — the two heaviest steps in the flow.
Application time	No follow-up requests after submission.	15:26 to complete — most of it spent on uploads and re-keyed business data.	Pre-filled business identity would cut completion below the 7-minute ceiling.
Decision speed	Account live the same day, well ahead of the stated window, with real-time alerts.	The decision was not instant — a stated 3-business-day review window.	Network-verified identity and formation data would support instant decisioning.
Outcome transparency	Best-in-class clarity before and after the application.	Dense disclosures and limited long-term privacy controls.	A persistent, plain-language data-use view with granular, revocable permissions.

Novo's Conversion Scorecard

Why SOLO Scores

Where Novo Ranked

What’s behind the score.

Methodology

Opportunity

Highlights

Replace repetitive workflows with reusable network memory.

Replace repetitive workflows with reusable network memory.