Onboarding speed isn’t merely a consumer nice-to-have, according to a new Javelin study, but it has a concrete impact on whether customers engage at all and how many dollars they entrust.

“Banks and credit unions can boost the profitability of a new customer an estimated $212 a year with effective onboarding that emphasizes engagement,” the report said. “Fully engaged customers are four times more likely than inactive customers to identify the new bank or credit union as their primary FI. Fully engaged customers not only 2.7 times more financial accounts than inactive customers at the new FI, but they also intend to open more accounts in the next 12 months.” How much more? Three accounts versus an average of one-half of one account.

“Fully engaging the 20 percent of new customers who do not enroll because they think switching FIs is too difficult will result in an 8 percent increase in the overall profit that FIs earn from news customers in the first three years,” the Javelin report said.

Todd Ablowitz, president of Double Diamond Group, said that payment facilitators have long known about the power of easy and fast onboarding, but this reports adds more concrete stats.

“The number one reason that payment facilitators become payment facilitators is to reduce the friction of onboarding,” Ablowitz said. He pointed to Square’s powerful revenue attributable mostly to one fact: “it was easy and it took less than a minute to become a Square merchant.”

Although these onboarding details are true across all platforms and payments interfaces, nowhere is it more critical than with mobile devices. Consumers “have no patience in filling out a lot of details on mobile devices,” Ablowitz said, adding that relatively small mobile screens only make the need for a quick interaction more urgent.

Beyond the mechanics of mobile devices, there is the reality of how they are typically used. Their portability means they are likely to be used while standing in a lobby or on a crowded street corner.

“The context of where and how these mobile devices are used makes patience an even more rare commodity,” Ablowitz said.