PYMNTS report: The FI's guide to improving digital onboarding

Understanding how consumers want to access banking services

How consumers interact with financial institutions (FIs) is undergoing a radical change. As FIs invest in digital and contactless onboarding experiences, they're looking to implement new and more sophisticated digital identity verification methods for contactless applications, such as biometric comparison or liveness detection. 

But FIs may be overlooking a key insight: nearly three-quarters of consumers do not feel comfortable sharing sensitive personal information like biometrics when opening new accounts through a digital channel.

What can a Financial Institution do? The FI's guide to improving digital onboarding, a collaboration between the digital identity experts at Mitek Systems Inc. and PYMNTS, highlights key findings from a survey of 2,000+ U.S. consumers who have recently opened accounts. Here's what you'll learn:

  1. How consumers opened accounts in the last 6 months and new habits they're forming that's ultimately reshaping the industry
  2. Breakdown of account onboarding practices and preferences between age demographics 
  3. Data-backed solutions to inform FIs how to create a better onboarding experience
  4. Insights to decrease abandonment rates and onboard more good customers is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of this dynamic sector and make news. Our data and analytics team includes economists, data scientists and indus-try analysts who work with companies to measure and quantify the innovation that is at the cutting edge of this new world.

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