8 out of 10 Consumers Prefer Full Digital Banking Experience, yet Some Are Left Short-Changed
21 Mayo 2024 - 2:00AM
Business Wire
- Banks continue to see strong levels of customer acquisition via
digital channels; 42% registered for an account via an app, 35% via
website, Onfido survey shows.
- Users find digital identity verification both secure (81%) and
convenient (88%), highlighting that security and convenience can
and should go hand in hand.
- Integrating digital processes to enhance the in-branch
experience improves customer satisfaction.
Onfido, an Entrust company, today announced the results of the
End-User Expectations of Digital Identity Report, exploring the
growing preference among consumers for digital-first services –
both online and in-person, and the non-negotiables of the user
journey.
The survey found that users have a strong appetite for digital
services, with 81% saying they access services online daily.
Specifically, more than 8 in 10 (82%) respondents access online
banking services always or mostly online. Yet, in the last year,
some have been prevented from doing so, with more than one in four
(26%) banking customers unable to access online services, double
the number of any other industry.
The appetite for the digital banking experience is not confined
to online services either. The survey finds that users seek the
benefits of digital within in-person banking, too. In fact, 8 in 10
users would opt for digital processes that help speed up in-person
services and waiting times.
Digital vs. in-person service preferences
During the COVID-19 pandemic, physical restrictions forced many
businesses to meet users online, and in turn, they have become
accustomed to digital-first environments. This is particularly true
when it comes to setting up new accounts. Across industries, users
are equally split between setting up accounts via an app (40%) and
setting up accounts online (40%). But industries such as investment
and trading (46%), gaming (44%) and banking (42%) are leading the
way when it comes to app usage.
End-users are more likely to choose a digital-first option to
open a bank account, manage investments or make a money transfer.
However, for services that might involve more considered decisions
or financial advice, such as lending and mortgages, users are more
inclined to want an in-store element in addition to online
services. Over 2 in 5 (44%) said they prefer an in-store experience
when signing up to lending platforms.
However, there is a third preference for end-users: in-person
services enhanced by digital processes. The research shows that
users are embracing digital processes to speed up services in other
industries, for example, to help them skip queues when checking
into a hotel (82%) or renting a vehicle (76%). Banks and other
financial institutions must now match these wider expectations for
frictionless journeys, removing points of disruption, like a
slow-moving line, if they are to boost user satisfaction.
User expectations and non-negotiables
Despite high demand for digital access, businesses still have a
lot of room for improvement in customer onboarding. Across
industries, more than 1 in 5 (22%) consumers abandoned signing up
for a new account in the last year because it either took too long
(37%) or was too confusing (35%). Speed and convenience are
non-negotiables for younger generations, with almost one in three
(31%) people aged between 18 to 24 abandoning sign-ups, with the
top reason being because it took too long (44%).
With 77% of those who have registered for new accounts within
the last 12 months having done so through digital means, like an
app or website, businesses simply cannot afford to short-change
customers on the online experience and risk losing new
customers.
The survey shows that remote verification has changed the face
of onboarding and is consumers’ preferred choice to prove their
identity when signing up for digital services. Users find digital
identity verification both secure (81%) and convenient (88%),
highlighting that security and convenience can, and should, go hand
in hand.
“A new era of digital access has arrived - one that offers
simpler and more secure end-user experiences while providing
additional revenue opportunities for businesses,” says Tony
Ball, President of Payment & Identity at Entrust. “With
Entrust, companies can not only safely onboard new customers and
immediately issue digital and physical payment cards but also
provide a secure and seamless way for verified users to re-access
their accounts and sign up for new products and services using
simple e-signature processes. Striking the balance between
convenience and security, without compromising either, has never
been more important.”
Download the End-User Expectations of Digital Identity Report
here.
Onfido is now an Entrust company — its Real Identity Platform
makes it easy for people to access services by remotely verifying
their identity. The platform allows businesses to tailor
verification methods to individual user and market needs in a
no-code, orchestration layer — combining the right mix of document
and biometric verifications, trusted data sources, and passive
fraud signals to meet their risk, friction, and regulatory
requirements.
About the research
The survey was conducted with 6,000 respondents split equally
between the US, Canada, UK, France, Italy, and Spain. More
information is available upon request.
About Entrust
Entrust keeps the world moving safely by enabling strong
identities, secure payments, and protected data. We offer an
unmatched breadth of solutions that are critical to the future of
secure enterprises, governments, the people they serve, and the
data and transactions associated with them. With our experts
serving customers in more than 150 countries and a network of
global partners, it’s no wonder the world’s most trusted
organizations trust us. Learn more at www.entrust.com.
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Ken Kadet Vice President, Public Relations & Communications
+1 952.988.1154