New research reveals role of KYC compliance

The survey was conducted in July and August 2021 and addressed a representative sample of 500 UK financial services consumers who had acquired a new financial product in the past twelve months. Products had been acquired from a mix of high street banks, challenger banks, mobile and digital banks and building societies, and those who received a better-than-expected experience of compliance onboarding described themselves as:

• more likely to recommend their provider (77%, which was more than double the rate of 32% for those whose experience had been worse than expected)

• more likely to buy more products (60%, which was almost 3.0x the rate of 21% for those whose experience had been worse than expected)

• less likely to make a complaint (50%, versus only 14% for those whose experience had been worse than expected)

• less likely to switch providers (49%, more than 2.5x the rate of 18% for those whose experience had been worse than expected)