HooYu working in collaboration with the Prepaid International Forum (PIF) has released a new report sharing industry stats from fintech and e-money businesses on their customer onboarding and KYC processes and approaches.
To find out what % of fintech e-money customer applications never get over the KYC and customer onboarding finishing line…click here
The report addresses the challenges faced by the industry for example
- Where customers commonly drop out of the onboarding process
- How long do KYC processes normally take to complete
- The level of importance that firms place on refining and improving the customer onboarding journey
- How do businesses create a great user experience whilst ensuring they identify and verify customers to enable AML compliance
The results of the benchmarking survey show that that 26% of fintech and emoney customer applications are falling by the wayside. Although onboarding rates on average are good, businesses need to properly align and refine their processes, approaches and KYC solutions. This is impacting their ability to win new customers, reduce onboarding churn and grow market share.
The report includes data collected from organisations representing the full spectrum of fintech and e-money providers and reveals:
- What % of fintech & e-money customer onboarding processes pass KYC
- Length of time KYC processes take to complete
- Common stages customer drop-out in the onboarding process
- What % of customers drop-out when asked to provide an ID document
- What % of customers drop-out when asked to provide an address document
- How do firms expect to improve levels of new customer acquisition
The report concludes with immediate solutions businesses can take to get their customer onboarding on track while still remaining AML compliant.
