It cannot rely on complex and outdated methods of authentication that are continuing to build long-term relationships.
Banks must find the optimal balance between quick Account management.
They are assessing and supporting clients throughout the accounts onboarding Since there are more hoops to jump through to attain identity assurance, Procedures.
This causes friction and negative user experience, which leads to increased abandonment rates — almost 40 percent of potential new balances decide to depart the onboarding process since they find it too time-consuming and more challenging.
Using AI and biometrics may create an accurate affirmation decision in a matter of seconds that produces a customer-friendly experience.
Between 2012 and 2019, the total number of bank and building society branches dropped by 22%. There’s no doubt that social distancing and closures have exacerbated these figures further.