Increasingly, financial services companies and retail banks are going digital — not necessarily by choice — but as a result of new competitive threats that include new challenger (digital) banks, upstart fintech companies, and even the likes of Amazon and Google. Going digital and giving your customers the ability to open new accounts online lets you cast a wider net and attract more customers across a bigger geography. In fact, some studies suggest that this option translates into 55% more people applying for new accounts.
But, this opportunity is being squandered.
Recent research carried out by digital identity specialist Signicat suggests that retail banks now lose as many as 52% of potential customers at the on-boarding stage, an increase of 35% in the last two years. Much of the abandonment occurs during the identity verification process. It’s not all that surprising that so many online account applications are being abandoned when the enrollment process is time-consuming, complicated, and taxing. In this webinar, you’ll discover some clever tips and tricks and best practices from Jumio, the global leader in online identity verification, including:
The importance of offering multiple channels for ID capture
The subtle art of messaging & its impact on conversions
The critical need to reduce the number of screens
Why you need a “yes” or a “no” verification decision….and not a “maybe”
Moderator: David Penn Research Analyst Finovate
More than 15 years experience as a writer, blogger, and journalist covering financial markets and technology. Formerly Editor-in-Chief of TradingMarkets.com, staff writer for Technical Analysis of Stocks & Commodities magazine, and blogger for Linux Journal, I am currently a research analyst with The Finovate Group.
Dean Nicolls Vice President Jumio
Dean Nicolls is Jumio’s most recent addition to the executive team. He has 25+ years’ experience in B2B marketing focusing on cloud services. These include roles at Starbucks, Microsoft and variety of early stage cloud-based security companies including LiveOffice (acquired by Symantec), TeleSign (acquired by BICS) and, most recently, Infrascale. At Jumio, Dean is responsible for all branding, PR/analyst relations, product messaging, demand generation, and sales/channel enablement. He holds a Bachelor of Science degree in Business Administration from Pepperdine University and an MBA from the University of Washington.
Coming into effect on May 25th, GDPR represents a significant sea change in terms of data privacy and data protection and designed to harmonize data privacy laws across Europe, to protect and empower all EU citizens data privacy and to reshape the way organizations across the region approach data privacy. This webinar provides actionable guidance on how to determine if your selected data processors are, in fact, fully compliant, how processes have been vetted and guiding you to ask the right questions in order to provide you a little peace of mind. Hearfrom Jumio, Fintrail and leading banks discuss the challenges – and opportunities – of GDPR within the digital identity sector.
Two-time Best of Show winner Finn.ailaunches Spanish-speaking virtual banking assistant with Nicaragua’s biggest bank, Banpro.
Fiserv to offerMastercard’s anti-fraud solution, Decision Intelligence.
Former LinkedIn executive, Emilie Choi, joinsCoinbase as VP of Corporate and Business Development.
Kabbage and Citi commit to new cybersecurity-based consortium for fintechs and data aggregators established by the World Economic Forum.
Onboarding friction and security concerns remain as obstacles to wider mobile banking adoption for consumers across age groups according to joint review by Javelin and identify verification specialist Jumio.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.