Why we need such a technology for both ends?
Digital customer onboarding emerges as the solution to the challenges in the financial industry resulting from the digitalization and globalization. Financial institutions struggle with creating a smooth digital experience for their clients while at the same time ensure the same quality, security and guarantee for their services as they did in their in-branch customer operations. Digital or remote onboarding provides advantages both for the banks, fintechs and other financial institutions and the consumers in many ways. As the FIs benefit from advancements in regulatory compliance, cost-effectiveness and time-management, consumers enjoy seamless, faster and more flexible online financial services.
The rate of European consumers who are abandoning digital banking applications has risen in 2020 compared to 2019. Although there is a high potential due to the increase in mobile usage, it is important to develop user-friendly mobile applications and processes. It is expected that European banks will search for efficient FinTech partners as a measure, in order to improve their digital onboarding services and capabilities.