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New research reveals role of KYC compliance

Friday 24 September 2021 12:18 CET | News

RegTech Associates, a UK-based research company, has revealed that customers who reported a better than expected compliance onboarding experience were much more likely to remain loyal.

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)

The findings show a positive trend for those providers who execute well. The case for business benefit or value-add is seen in the correlation between consumer attitudes towards positive compliance onboarding experiences and a likelihood to go on to purchase additional products.

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Keywords: research, KYC, regtech
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech