Too long, too personal
According to recent research, 68% of consumers abandoned an application for a financial service in 2021. A 3% rise since 2020 and a huge missed business opportunity. Not surprisingly, the two key reasons were the longer-than-expected application process and the amount of personal information requested.
Bad UX in onboarding is still a major pain
While a bit of friction is necessary in industries providing services where consumers have personal finances or delicate information at stake, too much friction is detrimental to successful onboarding.
NewBanking partners with e-Boks
Our new partnership with e-Boks results in a more safe and seamless user experience than ever seen before within KYC.
A solution that meets companies’ growing need for access to data, now requested through the most trusted digital postbox, allowing the customers to share data through a platform that they are familiar with and comfortable using.
Frontrunners in the KYC space are dedicating resources to improve onboarding flows and make them more similar to UX leaders like Apple, Amazon etc., while adding just the right amount of friction to induce trust.
Increased scepticism towards data requests
Consumers can be fickle. While increased public attention to GDPR has raised consumers expectations towards regulatory compliance, they still want to share as little personal information as possible.
Research shows that consumers have become increasingly sceptical due to fear of data breaches. Thus, to cater to the digitally enlightened consumer, factors such as data privacy, data transparency and data control are powerful generators of trust in a company or brand.
Where to begin?
As indicated by the data above, speed, UX, data volume and trust are major arenas for battle when it comes to improving onboarding and winning customers. While regulation may prohibit you from reducing the amount of personal information you request, there is a lot to be done in how and where you ask for information. Tuning in on those factors can potentially be a game changer to ensure your customers complete onboarding.
To mend the trust gap and make onboarding and KYC simpler for consumers, we are partnering with e-Boks, the most trusted digital postbox in Denmark. Our customers can now deliver data requests to a provider that consumers know, use and trust with their data already. With conversion rates up to 98% on data requests in e-Boks, completing onboarding feels both more familiar and more safe.
Want to chat with us about your KYC onboarding?