Online Banking in the U.S. Part 1: Onboarding

by iProov | White Paper

How easy is it for a consumer to open a bank account in the United States? In some cases, not easy at all. U.S. banks are often making the online customer onboarding process unnecessarily complicated. Key opportunities to improve security and the user experience are being missed.

iProov researchers created online accounts with 20 of the largest U.S. banks to track the digital onboarding process—from initial website or app contact through online ID setup and account funding.

– 65% of banks did not allow users to set up an account via a mobile app
– 50% required three pieces of ID to open an account online
– 45% of accounts took more than two days to open and fund
– 20% required the customer to come into a branch or complete the process over the phone – full online onboarding was not possible
– 35% required more than 20 clicks for onboarding; one bank required 39 clicks, while another onboarded a customer in fewer than 10
– 75% had four or more password requirements

Download the free report below: Online Banking in the U.S. Part 1: How 20 of America’s Top Banks Are Balancing Security with Usability for Onboarding

About iProov

iProov offers the first large-scale biometric genuine presence assurance technology for organisations that require indisputable proof of identity to deliver secure services remotely. The company’s patented AI deep learning technology assures that a user’s face is genuinely present when scanned on a mobile device and matched to an official identity document, compliant with international standards.

Applications such as ID verification, border control, customer authentication, onboarding, and access control all benefit from iProov’s innovative biometric authentication process. Organisations demanding a combination of high security with customer usability, such as the U.S. Department of Homeland Security, the U.K. Home Office, European and Asia-Pacific governments, and financial services and healthcare providers, depend on iProov to validate genuine identity and strengthen consumer trust online.

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