Customer experience and fraud prevention top of priorities for bankers, according to new survey

Friday 20 March 2020 10:04 CET | News

OneSpan has announced the results of its third annual survey of major banks that reveals how financial institutions are prioritizing both the customer experience and fraud reduction as the demand for remote account opening increases.  

Information Security Media Group, the media organisation devoted to information security and risk management, and OneSpan have released the report “The State of Digital Account Opening Transformation.” This year’s annual report focused on banking trends and delivered insights into the financial services industry’s challenges in digital account opening practices, underscoring the industry’s increased risk to fraud and opportunities around improving the customer experience. 

The report compiled responses from banking and security representatives (more than 100 financial institutions). Key findings around digital account opening included:   
  • 85% of respondents experienced fraud in their digital account opening process, and more than 50% of respondents cited the process itself as the cause; 
  • 80% of respondents reported that streamlining the process to improve the customer experience was one of their objectives this year, and 60% of respondents agreed that poor customer experience was the top reason applicants dropped out of the process; 
  • 72% of respondents planned to reduce fraud and losses related to application fraud, account takeover and synthetic identities given 49% of respondents rated the security of their current digital account opening application process as only somewhat or not secure. 

About half of respondents cited legacy systems, manual identity verification processes, authentication friction, and an inability to detect fraudulent identities backed by legitimate credentials as reasons for being unable to deliver digital account opening. The majority of respondents indicated they would be investing in innovative solutions that included biometrics and behavioral biometrics, digital identity document verification and electronic signatures to streamline the account opening process and reduce fraud. 

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Keywords: customer experience, fraud prevention, bankers, survey, OneSpan, account opening, security
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech

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