According to a recent survey by Deloitte* 38% of customers see user experience as the most critical factor when selecting a digital bank. Up to 71% of those surveyed said that digital onboarding was preferred for opening an account.
The current onboarding process including KYC or AML is cumbersome, requiring the presentation of physical documentation to prove who you are etc. This process can take between two and 10 days and in some countries up to three months.
Digital Banks utilise smart App-based technology to capture this information real time with direct real-time API’s (Application Programming Interface) directly to databases for immediate authentication and verification. This is convenient for consumers and merchants. eKYC is the common acronym to describe this trend.
A quick, convenient, user friendly eKYC onboarding app is critical to consumer and merchant stickiness.
*Deloitte – Digital Banking Maturity 2020