When it comes to fraud prevention customer identity is critical.  This has become a recurring theme based on articles and studies published or referred to by BIIA.

BIIA member GBGroup, an identity data intelligence specialist, commissioned Forrester Consulting to conduct an independent study of 315 financial service firms across the globe in Australia, China, Singapore, the UK, and the US, to examine customer experience maturity. This authoritative new study is packed with insights for financial services companies.

Mick Hegarty, managing director of GBGroup commented recently: “It seems particularly clunky and outdated to have to visit a branch and produce a hard copy of an identity document and/or a utility bill to open up a new account. The likes of Amazon, Apple and Facebook have really raised the bar and everybody else needs to keep up.”  However, Hegarty insists there are promising signs for the future. He added:  “Our research shows that UK fintechs are more interested than the established banks in adopting new approaches and more are planning to increase investment in the next 12 months. These new challenger banks will prove vital to the UK financial service. 

The study covers the following key themes:

  • Most Firms Struggle To Identify Customers — Including Fintechs
  • Eighty-Six Percent Of Firms Are Concerned With Their Ability To Identify Customers
  • Few Firms Place Getting To Know Customers At The Heart Of Strategy Digital Leaders Invest In Seamless Experiences To Deliver Customer Outcomes
  • Weak Systems Integration Prevents Fintechs And Banks From Using Customer Insights
  • For Most, Decentralised Onboarding And Poor Processes Pose A Problem
  • Moving To Real-Time Delivery, Automating, And Leveraging The Ecosystem Are Focus Areas
  • Delight The Customer At First Contact To Set The Tone For The Relationship
  • Accelerate Customer Onboarding Mastery
  • Identifying The Customer Early Leads To Better Customer Experiences

The report can be downloaded by clicking on this link

Source:  GBGroup