2-Step Digital Onboarding to Avoid Abandonment Rate Problem

Despite massive investments in the digital transformation of European financial institutions, almost 40% of applicants were still lost during digital onboarding in 2020 based on a report from Signicat. Having these in mind, we further improved our Digital Onboarding Toolkit (DOT) to make the entire process as easy and seamless as possible.

Putting together a user-friendly design and reliable face recognition technology, our onboarding solution can be completed in 2 easy steps: First, take a picture of your ID. Second, take a selfie.

Our entire onboarding process was designed to provide the utmost convenience and security to users. The OCR automatically captures and normalizes the photo on the ID and instantly fills out the necessary personal data, while our facial recognition algorithm verifies the identity based on the ID photo. Afterwards, liveness detection checks if the user is indeed real and alive.

In North America, a whopping 83% of financial institutions say their digital account opening processes take more than 5 minutes, which is considered the gold standard on the market. More alarmingly so, almost 40% of respondents’ digital account opening processes take longer than 10 minutes based on a study conducted by Information Security Media Group. This is painfully slow and unacceptable, leading to a higher rate of abandonment. By simplifying the steps through DOT, we can avoid this scenario and keep customers engaged to complete the digital onboarding process.

The uncertainty brought by the coronavirus pandemic has only intensified the need to invest in solutions that focus on user safety and comfort. With solutions like our 2-step digital onboarding, financial institutions can reap the benefits of NIST-topping facial biometrics and advanced AI to not only decrease abandonment rate but also for their business to thrive.