Mobile Marketing Finance Summit | The Remote Account Opening Benchmark Report: How to get More...
-
Upload
mobile-marketing-magazine -
Category
Marketing
-
view
461 -
download
0
Transcript of Mobile Marketing Finance Summit | The Remote Account Opening Benchmark Report: How to get More...
© 2015 Jumio, Inc. – Confidential
Digital Account Opening: How to get More Customers Across the Finishing Line and Increase Account Opening Completion
David Pope, Marketing Director, Jumio
© 2015 Jumio, Inc. – Confidential
Today..
• Who is Jumio? • Remote Account Opening
– UK Volumes & Segments – Benchmarking: How long is it taking?– Benchmarking: How many applications are completed?– What are the barriers & friction leading to abandonment?
• How Jumio helps deliver a great digital experience & reduce account opening abandonment
© 2015 Jumio, Inc. – Confidential
Who is Jumio?
Jumio is a global identity management & credentials company using computer vision technology to reduce customer sign-up &
friction & verify ID credentials
Used by leading brands across a range of industries
© 2015 Jumio, Inc. – Confidential
The Retail Banker Jumio research report
INDU
STRY
REP
ORT
IS CUSTOMER VERIFICATION THE ACHILLES HEEL IN ONLINE ACCOUNT OPENING?A Retail Banker industry report
Sponsored by
• Interviews with eight leading UK high street banks• Objectives
• To understand the process, success & friction in remote account opening
• To share insight how to improve digital account opening
© 2015 Jumio, Inc. – Confidential
Digital account opening: Volumes & segments
• Huge disparity in digital origination volume
• Average 121,724 applications per year
• Relatively new channel for acquiring brand new customers…2011 onwards
“Online account opening attempts” defined as commencing to enter personal data into the website/app
© 2015 Jumio, Inc. – Confidential
Digital account opening: Volumes & segments
BANK2
Bank 2 saw that 24% of its online account openings came from older better-off households, followed by younger households & constrained singles
Bank 5’s view is that digital was not an attractive channel for habitual branch users
Bank 4 saw that digital was a good channel to acquire customers outside of their branch network
Bank 5 believed that going to a branch is increasingly becoming a less attractive option for new customers. The bank said: historically for face-to-face interaction.”BANK
5
Bank 4 said: branch network. For example, we have 5 branches in London, 4 in the midlands and 1 in Manchester. So let’s say someone from Brighton or Southampton or Liverpool or Edinburgh where they don’t have a branch network. They are the ones who come to visit us online.”
BANK4
“We find that customers who use branches had that preference historically for face-to-face interaction.”
“What we find is that customers who are coming to us are outside our branch network. They are the ones who come to visit us online.”
© 2015 Jumio, Inc. – Confidential
Digital account opening: How long is it taking?
• Huge range in how quick it is to open accounts online, from 10 minutes to half an hour
• Average time 16.25 minutes
• Compared to in-branch application time of 20-40 mins
© 2015 Jumio, Inc. – Confidential
Digital account opening: Application completion rate?
• 1 in 2 online applications are not getting across the finishing line
• Average success rate 51.25%
• Banks with higher volumes have the lowest completion ratio
• Bank 3, the most effective at online account opening. Has less than a fifth of volume compared to Bank 1 but double the success rate
© 2015 Jumio, Inc. – Confidential
Digital account opening: Barriers & Friction
• All banks interviewed stated that they were struggling with online account opening completion rates
• Respondents’ insight can be grouped into four categories that are driving poor account opening completion rates
© 2015 Jumio, Inc. – Confidential
Barriers & Friction
“There is an issue that the amount of info that you provide means that it doesn’t all get taken in”
• Terms and conditions often extend to more than 30,000 words*
• 73% of consumers don’t read Terms and Conditions
• Getting the balance right between customer convenience and regulatory and legal requirements is key to a quick, easy customer experience
*Source: Fairer Finance (2014)
Bank 1 said that even if potential customers have the informatidue to the time needed for the process: on the first page. That’s literally your personal details, name, and address and so on. There’s nothing there that would cause people to drop out because they BANK
1
“If we had to provide half a dozen absolutely critical one line bullet points, I’d have the confidence in the vast majority of customers taking the time to read and absorb that and really understand it.”
Bank 1 said that even if potential customers have the informatidue to the time needed for the process: on the first page. That’s literally your personal details, name, and address and so on. There’s nothing there that would cause people to drop out because they BANK
1
© 2015 Jumio, Inc. – Confidential
Barriers & Friction
• All of the interviewed banks reported that established online KYC processes were only able to generate successful verification rates of c. 70%
• As a result, nearly a third of online account applications could not be automatically completed.
“We are dependent on some manual intervention, we are reliant on some customers having to upload their documents or bring them in branch. Some people go through with this if they are close to a branch network”
Bank 5 believed that going to a branch is increasingly becoming a less attractive option for new customers. The bank said: historically for face-to-face interaction.”BANK
5
© 2015 Jumio, Inc. – Confidential
• Bank 7 recognises the attrition in their account opening completion rate and are actively attempting to introduce technology and process to mitigate said attrition
• Echoed by many of the respondents who said that only 30% of applicants asked to bring documents in-branch ever do so
BANK7
account opening process involves has been shown to increase success rates. On this point, Bank 7 said
whether that is time or documents needed, makes the process eas
In addition, many of the banks said that making the process appealing, through improved design and layout is
“Reducing the occasions where online customers are requested to visit branch is something we continue to explore.”
Barriers & Friction
• The manual process to be able to accept these customers commonly means asking the customer to go-in branch to hand in ID documentation
© 2015 Jumio, Inc. – Confidential
Barriers & Friction
How to improve UI & design…
Become a UX ninja
• The Keystroke Level Model• The Gestalt Laws of Grouping
Don’t lay traps for your customer to fall into
• Don’t make me think!
© 2015 Jumio, Inc. – Confidential
How to improve UI & design…
Be an autocue for your customers
• Be intuitive and make life simple.
Barriers & Friction
© 2015 Jumio, Inc. – Confidential
Barriers & Friction
“We rely on the one bureau we associate with and customers having to upload their documents or bring them into a branch. There is technology that could be used to make it simpler and easier for customers.”
Bank 5 believed that going to a branch is increasingly becoming a less attractive option for new customers. The bank said: historically for face-to-face interaction.”BANK
5
“We are regularly looking for ways to improve the user experience for customers, which is why we are updating our online application form to make it more straight-forward for customers to complete.” BANK
6 Bank 6 returned to the theme of user-interface as a way to improve the account opening process and
reported that: which is why we are updating our online application form to makcustomers to complete.”
However only two of the 8 banks that we interviewed cited user experience & design as a way to tackle account opening abandonment:
© 2015 Jumio, Inc. – Confidential
Regulatory Know Your Customer requirements universally found to be less straightforward & more complex for online vs traditional in-branch:
Barriers & Friction
BANK2
Bank 4 said: branch network. For example, we have 5 branches in London, 4 in the midlands and 1 in Manchester. So let’s say someone from Brighton or Southampton or Liverpool or Edinburgh where they don’t have a branch network. They are the ones who come to visit us online.”
BANK4
“We require the customer to provide three things: proof of identity, proof of address and proof that they are who they say there are. This is far more difficult to do online. It’s more complex than in a branch.”
At the same time all the respondents acknowledged the necessity and importance of KYC regulations:
“I don’t think we are doing it just because regulations ask us to. We sincerely believe that we need to know where the customers are coming from and I don’t think it’s too onerous.”
© 2015 Jumio, Inc. – Confidential
How Jumio helps reduce account opening abandonment
© 2015 Jumio, Inc. – Confidential
How to reduce online account opening drop-off
Customer is asked to scan
their ID document
Data is instantly extracted & populated
ID is authenticated against security
features
Customer facial image is compared with face in ID document
Account opening can proceed
without KYC delays
© 2015 Jumio, Inc. – Confidential
Authenticates ID Documents From
Over 130 Countries
Unique combination of technology & document expert review
19
SECURITY FEATURES CHECKED INCLUDELayout & positioning check
Font comparison
Microprint analysis
Hologram check
MRZ code checks
Known forgery review
© 2015 Jumio, Inc. – Confidential
Facial comparison analysis
20
Compares face in ID document with “in-transaction” facial imageProvides an extra layer of securityPrevents ID thieves opening new account with stolen ID’s
© 2015 Jumio, Inc. – Confidential
Examples of fraudulent IDs we have detected
21
Example 1:British passport:Name in ID does not match MRZ
Example 2:Portuguese ID Card:
Stuck on ID document number
Example 3:Nigerian Driving License:Manipulated date of birth
© 2015 Jumio, Inc. – Confidential
Examples of fraudulent IDs we have detected
Example 5:Lithuanian Driving License.
Image Manipulation
Example 4:Estonian ID Card
Signature blanked out
Example 6:Latvian Passport
MRZ code mismatch
© 2015 Jumio, Inc. – Confidential
What if other supporting documents are required?
23
Netverify enables clients to collect other supporting documents such as utility bills or banks statements as a JPG/PNG/PDF upload. Jumio does not verify these files, but by
collecting them in one simple process, the customer experience is optimised.
© 2015 Jumio, Inc. – Confidential
Create a great user experience that transformslaborious & error-prone key entry…
Convenient for your customers at point of application
Make application form filling quicker & easier, saving over a minute of key entryIncrease completion rates by over 10%Improve customer data quality by collecting it from source credentials
…into a near instant automated process
© 2015 Jumio, Inc. – Confidential
Translate & update verification processes Taking ID documents in-branch or via snail mail
Convenient for your customers at point of ID verification
vs
30% of customers fail traditional verification database checks 70% of customers abandon when asked to submit copies or originals of their IDMake the customer verification process 5X to 6X faster
Real-time KYC that maintains application momentum
© 2015 Jumio, Inc. – Confidential
Supporting leading online financial services brands
We can now complete customer verification five times quicker with Jumio compared to our old manual processes
Jumio’s ID document authentication supports speedy account opening
for our customers
With Jumio our account verification process is now 80% quicker
© 2015 Jumio, Inc. – Confidential
130+ countriesFastfill works with IDs from across the globe (passports, driver licenses or government IDs)
Jumio’s patented technology offers data extraction from:MRZ, 2D Bar Code, OCR
© 2015 Jumio, Inc. – Confidential
Safe & Secure
We apply stringent PCI protocols to PII data
All data transmitted with
256k bit encryption
Full redundancy on Amazon EC2 & Rackspace
Meets local jurisdiction
data requirements
24/7 network monitoring & Help Desk
Security management
Policies & procedures
Network architecture
Software design
accreditation
Ongoing certification monitoring
© 2015 Jumio, Inc. – Confidential
Flexible & Scalable Platform
Platform Specs
OS PLATFORMS DEVICES INTEGRATION TIME PRICING MODEL
Minimal developer time. Go live in
weeks.
Flexible SaaS model
Annual or multi year terms.
Limited or unlimited scans per month plans available.
© 2015 Jumio, Inc. – Confidential
Reduce online account opening drop-off
Reduce 70% drop-off in Remote Account Opening &
meet KYC compliance
Reduce volumes of in-branch counter Transactions
Deliver a great digital customer experience
The result?
© 2015 Jumio, Inc. – Confidential
Thank You!
David Pope
+44 (0)7740 564 089
App Store
Try it out for yourself download the demo
apps in:
GooglePlay