Customer onboarding and account opening is arguably the most important part of the customer lifecycle.
In the past five years, banks of all shapes and sizes have invested significantly in streamlining their processes so that KYC and AML can be met while minimizing the number of postal and in-branch interactions required for establishing identity and product suitability. In many cases, this process can be done 100% digitally and ideally via a mobile device.
Digital onboarding is just the start, however. Banks, both new and established, are looking to improve the integration of identity at onboarding with ongoing authentication credentials and adopt risk-based approaches to security throughout the customer lifecycle that can adjust the balance between protection and convenience for customers.