Digital banking is growing. In 2019, 71% of UK consumers had used at least two online financial services, up from 14% in 2015. In the US, adoption grew to 46% from 17%1. Savings, payments, borrowing and budgeting are all moving online.
That growth is being driven by a number of factors, with customer experience and convenience appearing high on the list. To compete successfully, financial institutions must ensure that the customer onboarding process for accessing digital services is as effortless as possible, or risk falling at the first hurdle. So how do banks get the all-important onboarding experience right and still meet your KYC obligations?
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