Consumers consider different factors when selecting a digital bank. According to Deloitte’s research, 38% of banking customers state that user experience is the most significant factor. Meanwhile, 26% say that their streamlined onboarding and login are their primary deciding aspects, wanting to have the flexibility to create new accounts using any channel at their convenience.
When people have a poor customer onboarding experience, they are more likely to abandon the digital enrollment processes. Accordingly, the American Bankers Association has cited that more than 30% of users are likely to replace their existing financial services provider with another one that offers better mobile capabilities.
While online and mobile banking was already gaining popularity among consumers before COVID-19, the pandemic has seen more individuals use remote financial services. More people have shifted from in-person visits to digital platforms for their banking and other financial transactions.
As people have shifted to digital banking for their daily activities, customers’ expectations of financial services enterprises have also changed, particularly their demand for a seamless onboarding and user experience.
Security and customer demand are among the top priorities of organizations in the financial industry. Addressing consumer needs helps banking and financial technology companies gain a competitive advantage in the industry.
To satisfy their clients’ expectations for a better customer experience, banking institutions must reassess their policies and simplify their digital services to make them more customer-centric. They must also leverage modern technology to automate operations fully and ensure security.
Companies must shore up their identity proofing methods with more robust solutions to modernize operations while eliminating risks more efficiently. Identity verification and identity document authentication processes enable financial organizations to confirm users’ claimed identities more efficiently and securely.
They must implement best practices for authenticating a user’s claimed identity and provided credentials. They must maximize digital technology’s potential to cater to customers’ needs while enhancing cybersecurity and complying with more stringent industry regulations.
They must adopt modern identity verification solutions that support mobile biometrics and include identity document authentication to streamline remote onboarding processes. Through automated document authentication checks, digital systems can quickly determine the validity of a provided credential and match the information as well as ID photo to the data and selfie sent by the customer.
By leveraging mobile technology, financial institutions can adopt fully automated onboarding systems capable of meeting modern consumers’ demand for convenient and secure digital banking services.
This Infographics is shared here after legal permission from Ipsidy