The Battle to On-Board III: Why has huge investment in digital transformation led to so little change?

Discover why digital identity is the key for retail banks to attract and retain more customers. Look inside this updated report.

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Why cede customers to challenger banks?

In this report, we examine how a lackluster digital experience and inefficient application process can hamper a retail bank's ability to attract and retain customers. Digital identity is key to fixing the problem – but it will take more than that.

By downloading this report, you will discover:

  1. How digital ID services present a lucrative business opportunity at a time when traditional revenue streams are under threat
  2. Factors that make consumers far more likely to trial a service
  3. Why digital identities gain more widespread use in tandem with improved on-boarding technology

Why retail banks are better positioned to win back more customers

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Challenger banks and fintech upstarts don’t typically offer a range of financial services

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Banks are still the most trusted institution to provide and manage digital identity

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Reuseable digital identities dramatically streamline on-boarding and application processes

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It is significantly easier to win a client who uses BankID rather than other forms of ID. From our experience, 7 out of 10 car loan applicants complete their applications when using BankID, as opposed to 2 out of 10 normally.

Manager, Santander Consumer Bank

See why digital identity is so critical to your business

Retail banks face an ongoing battle for their customers’ business from upstart challengers. Consumers no longer want to deal with application processes that are long and frustrating to complete. Digital identity is sure to play a critical role – but banks must implement changes more quickly than they have been.

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