Asia-Pacific smartphone adoption is through the roof, and nine countries in Asia already have the same or higher smartphone ownership rate than the U.S. This skyrocketing mobile device adoption is a positive step for APAC banks and financial institutions when it comes to customer onboarding.
Consumers increasingly expect that their online banking experience should be as simple, secure and convenient as their everyday apps, and this starts with the onboarding experience — anything less than an accurate, fast, seamless experience will be rejected by consumers who often have plenty of immediate alternatives.
It’s not as simple as making it easy for a consumer to open a new bank account whenever and wherever they want. The current regulatory landscape adds a layer of complexity, and financial institutions must comply with stringent anti-money laundering (AML) and know your customer (KYC) regulations that typically send new customers out of their preferred (digital) channel for identity verification.
Our new infographic explains the need for a streamlined electronic KYC (eKYC) process and why APAC banks shouldn’t cobble together a DIY eKYC solution (check it out below). And if you want to learn even more about eKYC best practices, download our eKYC in APAC: How to Get it Right guide.