All businesses are looking to acquire new customers, but their competitors are too. A poor onboarding process can frustrate new customers which can result in greater volumes of abandonment. This means a business will increase its acquisition costs and worst still it will create a poor brand experience which in some cases can cost a business more.
Signing up new customers even when performing KYC checks should be simple. Get the whole process wrong and you can run into issues with identity and payment fraud, regulatory failures and increased operational costs.