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:
- The creation of a mobile app for onboarding
- Remote identity documentation checking using InnoValor. Passports, driver’s licenses, or other ID credentials can be scanned with a mobile device using either near field communication (NFC) to read the chip in the document, or optical character recognition (OCR) which reads information from a photo of the document.
- Biometric identity authentication using iProov’s Genuine Presence Assurance technology to ensure that the person is the right person, a real person, and authenticating right now.
300 Rabobank customers a day are using the mobile onboarding process, with 80% using NFC. As a result, channel share has increased from 35% to 60% in 2020.
Read the iProov report: Top Considerations for Online Onboarding in Financial Services