Improving the digital account opening experience is mandatory for any financial institution needing to support a strong acquisition strategy. As the digital economy continues to remove borders and barriers, more consumers are performing their banking services online. In fact, Statista found that the U.S. alone is forecasted to reach 217 million digital banking users by 2025. Yet, traditional onboarding tools, including Know-Your-Customer (KYC) checks, were unfortunately not designed with the risk and the reward of the digital world in mind. There is a critical challenge facing today’s businesses – the delicate balance between fraud prevention and a negative customer experience. If not addressed, your onboarding process may send a potential customer straight to your competition or a fraudster right on through the process.
THIS WEBINAR WILL COVER:
– How to expedite the user experience for good applicants to help meet your customer acquisition goals
– How to spot synthetic identity theft earlier in the onboarding funnel using identity elements
– How to use global data, sophisticated data science, and machine learning models to enhance legacy KYC and onboarding tools