embrace biometrics
r half will abandon
tions if not fully digital
e COVID-19
cus and value
actless and online
larly in the financial
commissioned by
are provider, FICO,
e the pandemic took
e interactions were
r for the course
s. The challenge
ns appears to be
ire onboarding
leted digitally.
arch, conducted
ers globally at the
the millennials but
-year olds) who are
digital account
ber of 89% of
ld open a bank
ed by those aged
ps surprisingly,
the least likely to
online, at 79%,
which may reflect their lack of financial
confidence rather than any reticence to
engage digitally.
When opening bank accounts digitally,
people expect to carry out related
activity in-channel (if necessary, by
scanning documents or providing a
selfie). A total of 77% think they should
be able to prove their identity in this way
and 73% expect to prove where they
live without moving offline. Almost half
– 46% – also expect to be able to set up
a biometric such as fingerprint scan at
account opening.
It’s those that largely fall into the
millennial category who are the least keen
to scan identity documents or provide
selfies to complete their application.
Therefore, financial institutions that don’t
facilitate a completely digital account
opening experience could lose up to 55%
of their new business. •
www.intelligentcio.com