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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