Digital onboarding & KYC (or Know Your Customer) is like airport security. Important. Necessary. But, when mishandled, extremely frustrating.
And yet, a worrying number of banks are still getting it wrong, with a 2023 Fenergo study finding 48% of banks have lost customers as a result.
Our own data shows a huge disparity in KYC approaches, even among firms of similar size and market position.
In the US, the best performer on FinTech Insights, our digital banking research platform, scores 405 on our proprietary Perfect 1000 UX scoring system. This system assigns 1000 points to a user journey then makes deductions based on how much effort is needed to complete it.
The worst performer scored negative 3346, meaning its online KYC has a mind-blowing amount of friction.