The drive towards digital onboarding
For many financial services organizations (FSOs) today, onboarding is an analog process. It can be costly, prone to fraud and create unnecessary friction in the customer’s experience. This old approach is simply not sustainable.
As the financial services landscape becomes increasingly competitive, FSOs must attract more customers at lower costs. New entrants challenge incumbents and the race is on to deliver innovations that meet the needs of these increasingly demanding and savvy customers. FSOs are having to find more ways of minimizing costs while maximizing the quality of their offering.
All this is driving a move to digital onboarding for new customers. As a result, digital technologies for identifying customers and assisting the customer due diligence (CDD) process are on the rise across Europe.
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