Digital Identity Verification: Reducing Friction in Online Account Opening A tipping point has been reached whereby financial institutions need to solve their digital account opening processes for good.
The last year has made this an absolute imperative, with the pandemic pushing such processes into the digital realm and away from the branch, in most cases for good.
Hence, a shift in consumer behaviour as well as accelerated FI digitisation projects, both of which will be permanent regardless of the pandemic outcome, has occurred.
It is arguably more difficult for the larger incumbents to react at this speed but the risk of not doing so can mean customers will defect to an easier and faster outcome, albeit with a lesser known provider. A happy customer at account origination means a potentially longstanding, mutually happy and revenue-yielding relationship, after all.