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Articles

Frictionless Digital Onboarding For Financial Institutions

Mark Page

4 min read
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Frictionless Digital Onboarding Using Identity Verification

Many industries have seen seismic shifts in their business approaches in recent years, the common denominator being technology and how it is deployed. Take the temporary accommodation business, encompassing the likes of hotels and short stay apartments. Wind back the clock 20 years and few could have imagined an era when one industry newcomer, Airbnb,  would have a valuation equal to a clutch of veteran behemoths.

Airbnb’s arrival shook up the market like no other and the result is a market valuation of over $100 billion, as much as the combined value of six leading global chain hotels. Not bad for an organisation that doesn’t even own one physical hotel!

And now another traditional industry is being turned inside out – banking.

Previously viewed as impenetrable to all but those with terrifically deep pockets, smart and creative deployment of technology to improve the customer experience end-to-end is changing the banking industry like never before in its 2,000+ year history. And it all started in the UK with the challenger banks.

Defined as small-medium retail operations set up with the purpose of competing against other, larger and more established banking institutions, challenger banks are heralding an exciting era in finance for customers. They are not just restricted to the UK now.

Good Customer Experience Leads To Loyalty

On average, people stay with their banks longer than they will stay with their partner – the current average customer stays loyal for 17 years, according to the banking trade body the BBA. First experiences with a brand therefore count for a huge amount; customers don’t care about how elegant an organisation’s IT set-up might be in the back office, they care much more about what their onboarding experience at the front end is like.

For banks and other financial organisations, this means winning new clients ranks highest because each onboarded customer is likely to become a loyal account holder for years to come. Make the onboarding experience long and complicated at your peril. Investment in digital onboarding through online and mobile channels is no longer a nice to have.

According to Forbes, digital account opening (DAO) is the most popular technology in banking for the third consecutive year. Close to 80% of all financial institutions added new DAO systems or enhance their existing ones in 2020. Onboarding is a golden opportunity for FIs to demonstrate a superior customer journey but many squander that opportunity by making the experience long and complicated.

Peter Ramsey, founder of the UX site Built for Mars, proved that it took up to five times as many clicks to open an account with one of the old guard in the UK than with a new challenger. The problem of client leakage is real, just as customers’ patience with laggards is thin.

Real Time Verification For Onboarding

Banks are strictly regulated and the world of Identity can be a real headache. Proving their customers really are who they say they are is integral to the onboarding process, as indeed it is with ongoing transactional business thereafter. The process has to be as frictionless as possible as well. Have we mentioned people’s patience? Knowing your customers (KYC) isn’t easy but this is where the TMT Analysis team step in to lighten the load.

A person’s mobile phone number is fast becoming integral to not only their identity but any KYC process. Mobile phones however can be a hotbed for account takeover, SIM swap fraud, port out fraud and call divert fraud. Enter stage right our solution Verify which is powered by our global mobile numbering intelligence.

As a leading provider of mobile number intelligence globally, we gather data from countries every day and store the status of over 2.5 billion numbers. This data, together with our live feeds with the leading operators in the mobile industry, gives a wide range of intelligence on the status and history of a number in a fraction of a second.  And it’s this data which powers many of the world’s leading identity providers and banks. Building trust is at the heart of everything TMT Analysis does.

Speak to us today about how TMT ID can help your business info@tmtid.com.

Last updated on April 29, 2024

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