We all know that in the onboarding and account opening process, digitisation is no longer desirable but expected – after all, 70% of Gen Z and millennials opened their bank accounts online this year. Most customers also understand how important security is in this process and rely on organisations to supply the safest approach to verification throughout the journey.
Which is why the high levels of onboarding abandonment are so frustrating – 90% of fintech businesses see consumers simply leaving the process when the necessary steps become too time consuming, require paper work and verification that is possibly not on hand or if the process becomes too inconvenient.
So what is the solution to clearing this stumbling block and ensuring customers complete the process quickly and efficiently?
We discussed this topic recently in a lively and engaging webinar with CBA. In case you missed it, we’ve summarised the key outcomes here,
Key theme 1: Customer centricity is key to success
A common misconception is that in order to have a secure process, the ease of use for the consumer must be sacrificed. But the preference in almost all consumer groups now is to use completely digitised processes, which allows them to complete the task remotely and in their own time.
The key to creating a successful and completed account opening or onboarding journey lies in placing the consumer at the centre of all problem solving. If we can use technology to ensure we are compliant and secure, we can then solve for every challenge the consumer may face. Time constraints are a big issue and people don’t have the time (and patience) to navigate layers and layers of security. A complicated journey consisting of many questions and steps can also trigger drop-off, so when considering the experience, the holy trinity of security should be kept in mind; simple, safe and compliant. Giving consumers options helps to make them feel more comfortable with the process and as a result will make a completed journey more likely.
When we’re designing each step, we need to keep in mind the importance of the ‘human touch’. Each generation prefers a different level of human interaction – some want to be totally remote, others really want to speak to a person when making a big or important decision and others don’t mind a hybrid approach. Technology like shared spaces and virtual meetings can help customers feel supported whilst allowing for collaboration and co-browsing, all the while keeping security tight.
Key theme 2: Cybercrime is a bigger threat than you think
Fraud is a major threat to individuals and to business. Cybercrime cost the US $8 Trillion last year and every 14 seconds someone in the US experiences identity theft.
Criminals are incredibly advanced in 2023 and use sophisticated tech to breach security measures. As a result, we always need to be ahead of the game when designing our precautions and levels. Part of creating this level of security is to apply layers for protection, without making too much friction for the consumer. Clever, strategic design can come in at every touchpoint and relies yet again on consumer-centricity. When doing the research, we must ask ourselves what would benefit the user and include consumers right from the beginning of the planning. A smart way to approach this is to ensure all instructions are quick to implement and easy to understand. When we are clear about what we want consumers to do – and why – at the offset, we are setting ourselves up for success.
Key theme 3: Biometric technology is both secure and seamless
The right biometric technology is a game changer in creating an enjoyable experience while keeping compliant and secure. Face biometrics is a convenient option for verification and authentication and is helping pave the way to a secure, password-less future.
Faster and more efficient than other verification methods, facial biometrics keep the journey neat and simple and is incredibly secure, with liveness detection as part of the process.
Part of the value of biometrics is in its ability to be integrated into most security software and its compatibility with smartphones. This means it’s accessible to most and that it can be used again throughout the journey, creating a greater sense of comfort for customers.
With the right biometric technology, we can strike that perfect balance between customer experience and class-leading security processes, so that customers feel the security in place without all the friction that stops them from completing their onboarding or account opening tasks.
