The Future of Onboarding for High Street Banks

According to a 2020 survey conducted by Bankrate, the average adult uses the same primary bank account for just over 14 years.

In these days of new account and switching bonuses, this stat seems incredible, but for financial institutions it means that winning new clients is more important than ever.

But, are customers really as loyal as this suggests? A number of factors have made the financial landscape more competitive over recent years, here we will explore the future of onboarding for high street banks.


How Remote Onboarding Has Grown FinTechs

The shift to digital was taking place well before COVID-19, but the pandemic, as well as advances in AI and alternative data, have helped accelerate the adoption and use of digital technology. Growing numbers of businesses are realising the necessity of, not just being online, but providing a first-class digital experience.

We almost take this new world for granted; from video conferencing and saving all of our information on the cloud, to startup brands having instant access to their customers – globally, people are becoming more connected with the use of digital solutions.

Consequently, businesses have had no choice but to innovate – and quickly – or risk losing market share and reputation to their more digitally nimble competitors.


The Response to Fraud in 2020

Fraud is on the rise globally and fraudsters are continually developing new ways to attack businesses and customers. Millions of people are affected by fraud every year and it is estimated that in 2019, criminals made $4.2 trillion from fraudulent activity worldwide. 

In this shifting landscape, organisations need to keep on top of their anti-fraud measures ensuring they’re up to the job of protecting their customers and deal with breaches accordingly. 


How Anonymous Is Cryptocurrency?

In the early days, it was commonly thought that cryptocurrencies like Bitcoin were a safe haven for criminals because they were untraceable and entirely anonymous. 

However, as organisations and the public gained a better understanding of blockchain technology, it became apparent that Bitcoin’s public transaction ledger was, in-fact, a gold mine of information for authorities. But the question still remains, how anonymous is cryptocurrency? 


AML & KYC: What Is the Difference?

The global regulatory landscape is diverse and financial institutions must keep pace with developing rules in order to remain compliant. Given the proximity of terms like ‘AML’ and ‘KYC’ and the fact that they are often used interchangeably, it can be difficult to understand how they differ in a regulatory context. In this post, we look to explore the function of these terms and how they relate to each other.


The World’s Unbanked Population

Currently, there are two billion people worldwide who cannot access financial services because their data is not held on ‘traditional’ sources. There is a clear disparity between these ‘unbanked’ populations and those whose data is held online through the use of the internet and smart devices…

Recently, we explored how FinTech solutions are beginning to create more inclusive financial services, but what is the current state of play around the world?


The Biggest Threats to Banks

Today’s financial landscape is very different to that of yesteryear. Countless new business practices, regulations and compliance procedures have emerged, while technological innovation has rapidly changed business models and operational processes.

Those who wish to access financial services are no longer limited to the banks on their local high-street; technological advancement and an influx of funding has provided options while opening doors to a previously unbanked population. This, along with increased regulations and cyber-security risks are just some of the modern-day threats to banks.

The Profile of a Fraudster

It is estimated that in 2019, criminals made $4.2 trillion from fraudulent activity worldwide. Millions of people are affected by fraud every year, but how can you take measures to prevent it and what does a typical fraudster look like? With criminals using more and more sophisticated methods of fraud, it’s never been more important to safeguard your identity.

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