I want to name the thing that makes commercial assessment in financial services harder than in any other sector I work in, because it shapes how the work has to be approached and what it takes to do it honestly.
In financial services, the customer relationship is a trust relationship before it is a commercial one. Every metric measuring commercial performance sits downstream of trust decisions the customer makes at multiple points in the journey and that your commercial reporting was almost certainly not built to capture.
The customer who opened an account and never funded it did not fail to convert in the way an ecommerce customer fails to convert. They trusted you enough to start the process and then experienced something, in the onboarding, in the communication, in the product, that eroded that trust below the threshold required for a financial commitment. That erosion is your real commercial problem. It is invisible in current reporting and its cost is being absorbed into your CAC as though it were a market condition.
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