High Street banks interviewed for a new Timetric report cite high-friction, traditional customer verification processes for high application fail rate

Timetric, in association with Jumio, the fast growing online and mobile credentials management company, has released a new research report that benchmarks high street banks in their approach to digital account opening.

The research report is based on interviews with eight leading UK retail banks which analyse and benchmark online account opening processes and technologies as banks and wider financial services attempt to reduce the volume of over-the-counter transactions.

The common theme to all the banks interviewed is that despite the shared desire of banks and customers to move to online banking and money management, old-fashioned customer verification procedures mean that almost half (48.75%) of those who attempt to open a bank account online do not complete the process.

The banks interviewed cited a high percentage of non-matches to credit reference agency verification databases and instances where customers are required to visit a branch to have their ID document verified, turning what could be an easy intuitive digital experience into a chore.

The report finds that some banks are leaping ahead of their peers when it comes to embracing digital. Alarmingly, the fact that potential customers have to leave the comfort of their homes merely to show their ID in a bank branch is unthinkable. in this ‘age of convenience’.

The full report can be downloaded here.