Security is vital, but let’s not forget that conversion rates are crucial for financial institutions. Having an onboarding process that maximizes this is increasingly important in a digitized world. However, it is essential to strike a balance between security and customer experience. But is it possible to achieve this balance?
Digital onboarding has become much more important in banking in recent years. A recent study by consulting firm McKinsey suggests that the pandemic has moved us seven years ahead in digital transformation. This brings challenges. Customers expect to be verified and accepted quickly, with a streamlined and error-free onboarding process. At the same time, it is increasingly important to perform security and identity checks to comply with updated regulations and protect against rising levels of fraud and financial crime.
Having the minimum level of friction in your solutions is vital in achieving the best possible conversion rates, while also keeping fraudsters at bay and avoiding fines from regulators. Our Solutions provided in the Quantum Platforms are designed with this in mind. We offer a full set of solutions to efficiently onboard users and combat fraud. These are delivered through a common platform, with a well-developed focus on the user experience.
However, user experience is about more than speed and branding. Customers want to feel secure and have a verification process that is completed accurately and automatically. It’s crucial to focus on the customer experience. If onboarding takes too long or the experience is not good, you risk losing customers. It’s all a cycle. Reducing friction points and understanding exactly what users are willing to do is a key part of this. Onboarding is arguably users’ first experience with your brand, and it should be seamless and simple.
Make sure you make the process easy for your customers to increase conversion rates while keeping your operations compliant with our identification services.