GUIDE
Identity Verification: A Digital Utopia
Download this report to understand how consumer behaviour, operational and regulatory imperatives, and technology are all now converging to make a digital-first approach to identity verification vital for Australian financial institutions.
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Consumers now say a digital channel would be their preferred means of applying for a credit card, a transaction account or savings account.
82% highly satisfied
Customers say they were highly satisfied with their application and onboarding experience now report similar satisfaction with their loan.
Quicker verification
70% of Australian financial institutions believe providing faster KYC and straight-through process during digital onboarding is competitive differentiation.
The present and future of KYC/AML are digital
The COVID-19 pandemic can be accredited with accelerating the digitalisation of processes and experiences in financial services that was already underway. It has reinforced the realisation that customer experience and cost efficiencies could be enhanced by digitisation and has amplified the rate of change.
KYC/AML represents a key part of the customer onboarding process for financial institutions and contributes significantly towards the overall customer experience. Just like in other areas, COVID has reinforced the view that digital capabilities will be at the heart of KYC/AML long past the end of pandemic. A digital first approach to identity verification and KYC/AML compliance ensures the best possible outcome for both customers and financial institutions.
GBG has partnered with RFi Group to produce this report. The report illustrates why institutions should continue on the path towards further digitalisation and the key learnings as they do so. It demonstrates that institutions that lead in this area can simultaneously provide differentiated customer experiences, enjoy operational efficiencies and minimise risk.
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