Infographic

Making Digital Account Opening Simple, Secure, and Seamless

Digital Account Opening

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Making Digital Account Opening Simple, Secure, and Seamless

Reality Check: Financial Institutions Are Struggling

The risk of fraud is a real concern for financial institutions.

  • $31 billion: Global fraud losses worldwide in 2018
  • #2: Application fraud is the second highest cause of fraud loss
  • 16.7 million: Consumers impacted by identity fraud in 2017

A bad account opening experience can cause customers to abandon the financial institution

  • 65% to 95%; Standard application abandonment rates
  • 6 weeks: Average time it takes for manual account openings

Make Way for Digital Account Opening

Completely digital account openings enable:

  • Reduced processing time
  • Improved customers experience
  • Reduced consumer abandonment rates
  • Reduced synthetic identity & application fraud
  • Stronger regulatory compliance
  • Lower operational costs

So What Are Financial Institutions To Do?

Top ways for financial institutions to simplify, secure, and provide a seamless experience through the digital customer journey.

  • Identity Verification Hub
  • Workflow
  • E-Signatures
  • Audit Trail
  • Secure Storage
  • Open API

90% of FIs plan to implement mobile data capture / identity verification in 1–2 years