July 20 2020
Online banking continues to grow. According to the latest EY Global FinTech Adoption Index, 71% of UK consumers and 46% of US consumers had used at least two digital financial services in 2019, up from 14% and 17% respectively in 2015. Savings, payments, borrowing and budgeting are all moving online.
The challenge for financial institutions is how to make the online onboarding process as simple as possible for customers, while complying with Know Your Customer guidelines and protecting against fraud. Our latest report Top Considerations for Online Onboarding in Financial Services sets out ideas for how this can be achieved.
One example of financial digital onboarding success is Rabobank. They had realized that asking 18-year-old digital natives to come into a branch with their documentation to open a bank account was not very appealing.
So the innovation team at Rabobank looked at how they could improve the onboarding journey for their customers. The solution included:
If you want to know more about how iProov can streamline your customer onboarding contact us at firstname.lastname@example.org