Banking and financial services is a fiercely competitive market, whether you’re one of the new 90 challenger banks registered in the UK in 2018, or you’re a “traditional” bank. The world is moving online and banking is no exception. The attraction for customers is the speed at which they can open accounts, carry out transactions or apply for personal finance.
A survey we commissioned of over 500 UK companies found that poor customer experience and high fraud rates went hand in hand when human intervention in the onboarding process was required.
Imagine a branch, customers on their lunch break queuing up to open accounts or apply for loans. The scene soon becomes chaotic and the environment stressful, the counter team feel under pressure, leading to increased mistakes, low fraud detection rates or queues out of the door… such that the good customers simply walk away.
To combat this, traditional banks, like their new competitors, are moving more and more functionality online, including customer onboarding. Their onboarding process must be fast, delivering a superior customer experience. Yet it must also be safe and compliant, reducing fraud.
The nub of the challenge that banks and financial services face; meeting the competing demands of high customer satisfaction, low operational processing costs, low fraud rates and a compliant process and solution.
Onboard customers in five seconds
To deliver all this, banks – old and new – are turning to digital onboarding platforms that incorporate document recognition, data extraction and matching technology. GBG IDscan is such a platform, using the latest technologies and integrating seamlessly and quickly with back office systems to onboard customers in seconds.
GBG IDscan automatically captures an image of a customer’s ID document, performs a series of validation and digital tamper checks and then extracts the data ready to push into your systems or on for further forensic examination if a potential fraud is detected.
All the information is collected in the Investigation Studio, which provides financial institutions with a fully compliant audit trail.
The result is happy customers
And happy marketing, compliance, fraud and risk teams.
Customer details are processed quickly and efficiently. Streamlined to a degree not previously available. Given the lifetime value of a typical banking customer, a reduction in drop off rate by as little as 5% can have a significant impact on trading results. A reduction of 20% can be transformative.
Likewise, detecting fraud before the damage is done: before the loan is defaulted or the fine levied, can lead to a material improvement in trading, whilst also protecting brand and reputation.
Find out more about how GBG IDscan can help you deliver these results here.