How Automated Document Capture is Being Used to Lower Application Fraud
As we look at some of the key technologies that are being added to the new account onboarding process, one of the things that really popped for me out of the survey we did late last year, is how many financial institutions are either in the process of adding mobile document capture and authentication technologies, or how many have it on their roadmap.
60% of the folks that responded to our survey are planning to add that technology over the next one to two years.
The driver is really two-fold - part of it is creating a more user-friendly experience for onboarding, so that it's not so painful to input your data into that mobile environment. You can OCR the data and pre-populate the application forms so you can really cut back on some of the attrition you see coming through the funnel. Then you also get the benefit of fraud prevention.
We actually asked the corollary question, “What is driving your business case for these technologies?” The majority of folks actually said that it was the customer experience that was the primary business case driver. But a close second was the fraud prevention benefit as well.