Australia-based businesses interested in managed KYC services

Monday 15 November 2021 11:32 CET | News

Seven in 10 Australian businesses have planned to leverage managed service providers for identity verification checks that have been customised to their brand, according to Technology Decisions.

The research commissioned by GBG and conducted by IDC found that 79% of telcos, gaming, and real estate organisations, and 73% of banks, have a preference to use a managed know-your-customer process that removes the need for businesses to spend time and resources on the process. The survey of Australian consumers, financial institutions, and professional services firms found that 67% of Australians had created up to six new online accounts in the last 12 months as a result of COVID-19.

Meanwhile, business in Australia have increased their onboarding of new customers by 23% from 2020 to 2021, with fintech businesses seeing particularly strong growth of 41%. There has been a strong preference for digital channels, with three in four new customers utilising web, mobile, or apps when onboarding a new service in 2021.

The results show that Australian businesses will need to find a solution for onboarding customers that minimises the hassles consumers can face during the process.

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Keywords: KYC, digital onboarding, identity verification
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Australia
This article is part of category

Securing Transactions