‘New Year, new start, new me.’ We all like to start the New Year with the best intentions – a new gym membership, healthier diet, clear out, and getting up to date with our finances after the indulgent Christmas period. Although most of us probably won’t see our resolutions through to the end of the year, sorting out Christmas debt is one that can’t be avoided.
According to National Debtline charity, around 7.9 million people in the UK say they’re likely to fall behind with their finances this coming January after spending too much over Christmas. So it’s no surprise that the term ‘credit card’ is Googled more times between January 7th-13th than any other time of year.
The demand is there – you just need to make your application process as easy and quick as possible, so your potential new customers don’t drop off and go elsewhere.
We know it isn’t easy to offer a fast application process when you need to comply with KYC and AML regulations. But there is a way you can get the right balance between compliance and customer experience right.
With GBG IDscan mobile and web technology, all you need to do to onboard your customers is to have them snap a picture of their ID, take a selfie and it’s done. Our software will classify the document and perform a series of validation checks. It will also extract your customer’s data, pre-populating your online application form – saving time and reducing keying errors. The best bit of all – it takes just seconds.
But it isn’t just faster onboarding of customers that you need to be thinking about – peak credit card application season of course means higher application fraud levels. In our recent survey, we found that 45% of Financial Services companies in the UK had been affected by application fraud, with application fraud also coming out top as the most common type of fraud in the Financial Services industry.
With almost 51% of fraud occurring online in Financial Services, it’s crucial that your application process is robust, so that you’re protected against fraud and loss. GBG IDscan’s mobile and web technology helps you achieve that right balance between fraud prevention and customer experience. We use technologies such as FaceMatch and Liveness, as well as Digital Tampering to ensure that your customer really is who they say they are. Our easy to deploy software is available for iOS and Android, and an API for web browser integration.
Let us take the hard work out of your customer onboarding; speed up your application process and improve your online customer experience.
To find out more about implementing digital onboarding technology in your business, get in touch, or request a demo to see it in action. Visit our digital onboarding page for more information on our technology.