New research from Signicat, a digital identity solutions provider, has revealed that 63% of consumers in Europe have abandoned financial applications in the past year.
Financial institutions must comply with KYC and Anti Money Laundering (AML) rules which requires the consumer shares personal information. However, identity checking processes are not designed for the digital world, as the report’s findings reveal:
Furthermore, the survey findings indicate a growing expectation gap between demographics. Older groups—including millennials—are more inclined to put up with inadequate onboarding experiences. Whereas Gen Z show little tolerance for anything other than fast digital onboarding:
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