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.

The FBI Got Hacked | The Cyber Show, Ep 10 by ThreatAdvice

Video | Banking The FBI Got Hacked | The Cyber Show, Ep 10 by ThreatAdvice

NXTsoft

The FBI Got Hacked | The Cyber Show, Ep 10 by ThreatAdvice

Anyone can fall victim to cyberattacks, and the FBI is no exception. Earlier this month, their email servers were hacked… Continue Reading

View resource
eNewsletter Autumn Edition available now!

Brochure / Fact Sheet | Banking eNewsletter Autumn Edition available now!

Profile Software

eNewsletter Autumn Edition available now!

Profile, an international solutions provider, announced today the release of its quarterly eNewsletter (Autumn 2021) Edition, which includes the company’s… Continue Reading

View resource
Quartz Magazine - Edition #3

Asset management Quartz Magazine - Edition #3

TCS Financial Solutions

Quartz Magazine - Edition #3

Quartz is enabling people to make payments with their mobile phones and for banks to issue digital bank guarantees to… Continue Reading

View resource
TCS BaNCS Customer Newsletter - Edition 34

Case Study | Asset management TCS BaNCS Customer Newsletter - Edition 34

TCS Financial Solutions

TCS BaNCS Customer Newsletter - Edition 34

In this edition of the Newsletter, we feature a special report on Market Infrastructure covering interviews from Kuwait Clearing Company,… Continue Reading

View resource
Meet Praxent | Episode of NXTsoft's Podcast

Best Practice | Banking Meet Praxent | Episode of NXTsoft's Podcast

NXTsoft

Meet Praxent | Episode of NXTsoft's Podcast

On this episode of NXTsoft’s podcast, our guest is Kevin Hurwitz, Managing Partner at Praxent. Kevin introduces us to his… Continue Reading

View resource

Other resources from iProov

Report: The End of the Password

White Paper | Banking Report: The End of the Password

iProov

Report: The End of the Password

Key findings from the report include: – 49% of Brits, and 50% of Americans have used others’ passwords… Continue Reading

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

White Paper | Banking Online Banking in the U.S. Part 1: Onboarding

iProov

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

How easy is it for a consumer to open a bank account in the United States? In some cases, not… Continue Reading

View resource
Security Requirements Push Customers Away from Banks

White Paper | Banking Security Requirements Push Customers Away from Banks

iProov

Security Requirements Push Customers Away from Banks

Regulations and requirements aimed at making retail banks more secure are driving customers away, according to Aarti Samani, SVP of… Continue Reading

View resource
Government Bureaucracy Could be Blown Away by Biometric Security Solutions

White Paper | Banking Government Bureaucracy Could be Blown Away by Biometric Security Solutions

iProov

Government Bureaucracy Could be Blown Away by Biometric Security Solutions

Biometric authentication solutions could open a gateway for governments to drive efficiency and reduce bureaucracy. The process utilises the unique… Continue Reading

View resource
iProov report: The Threat of Deepfakes

White Paper | Banking iProov report: The Threat of Deepfakes

iProov

iProov report: The Threat of Deepfakes

In our new report, The Threat of Deepfakes, we look at what consumers think about deepfakes. Key finding show that:… Continue Reading

View resource
Deepfakes: The Threat to Financial Services

White Paper | Banking Deepfakes: The Threat to Financial Services

iProov

Deepfakes: The Threat to Financial Services

Download our free report. The sophistication of cyber hacks are evolving very quickly. Financial services need to be aware of… Continue Reading

View resource
Face recognition vs face verification: what’s the difference?

Other | Banking Face recognition vs face verification: what’s the difference?

iProov

Face recognition vs face verification: what’s the difference?

Face recognition and face verification are often lumped together and used interchangeably to mean the same thing. But the truth… Continue Reading

View resource
Top 5 Considerations for Online Customer Onboarding in Financial Services

White Paper | Banking Top 5 Considerations for Online Customer Onboarding in Financial Services

iProov

Top 5 Considerations for Online Customer Onboarding in Financial Services

Online banking continues to grow. According to the latest EY Global FinTech Adoption Index, 71% of UK consumers and 46%… Continue Reading

View resource