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UK banks lose 40% of customers to lengthily on-boarding processes

UK banks are losing around 40% of their applicants due to lengthily and tedious on-boarding processes.

That’s according to research from Signicat, published in its report “the Battle to On-Board”. The report states that more than a third of process abandonments were down o the length of time it takes for the user to complete them, while another 34% of drop-outs were down to the bank requiring too much personal information.

The number of abandoned applications on average has also increased from 26% to 45% in the past year.

For the full article by Alex Hamilton IBS Intelligence, April 5th 2016, please view Links

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Ämnen

  • Data, Telekom, IT

Kategorier

  • signicat assure
  • signicat
  • nykundsprocess
  • eid

Relaterat innehåll

  • The battle to on-board

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  • Money 20/20 - the battle to on-board

    In order to understand consumers attitudes to current on-boarding processes, Signicat surveyed 2,000 bank account holders and analysed their responses in a report entitled “The Battle to On-Board”; the on-boarding process led to many potential customers abandoning their applications, either because it took too long (39%) or because too much personal information was required (34%).

  • Signicat in the news - research on bank on-boarding

    The Signicat hit the Financial IT May Issue during Money 20/20 in Copenhagen. Signicat main focus at the event was launching our research on bank on-boarding – financial services are increasingly digital but on-boarding in many parts of Europe is still an analogue process.

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