The battle for banking consumers is being waged based on the quality of the digital experience, which demands both ease of use and strong security to reduce abandonment rates and account fraud. By automating and securing the account opening process, financial institutions can bring on new customers within minutes with less risk, lower costs, and a transformed customer experience.
“Even as application fraud attacks continue to escalate, research shows that improving the customer experience continues to be the number one driver of business cases as financial institutions invest in new account onboarding solutions,” said Aite Group’s Fraud & AML practice Research Director, Julie Conroy.
OneSpan’s Secure Agreement Automation reduces account opening fraud by automating new customer acquisition and positively identifying qualified customers during the application process. This is accomplished through an identity verification hub that will offer multiple ID verification checks, including credit checks, multifactor authentication, and biometrics checks like facial recognition. The result will be reduced false positives and the ability to significantly reduce consumer abandonment rates, which currently range between 65% and 95% for financial institutions. The platform includes digital identity verification, biometrics, and eSignatures – that can help not only modernize the account opening process, but also ensure that it remains secure throughout the digital customer journey.
