Australian businesses interested in managed KYC services

Seven in 10 Australian businesses are interested in leveraging managed service providers for identity verification checks that have been customised to their brand, according to research commissioned by GBG.

The research conducted by IDC found that 79% of telcos, gaming and real estate organisations, and 73% of banks, have a preference to use a managed know-your-customer process that removes the need for businesses to spend time and resources on the process.

The survey of Australian consumers, financial institutions and processional services firms found that 67% of Australians had created up to six new online accounts in the last 12 months as a result of COVID-19.

Meanwhile, business in Australia have increased their onboarding of new customers by 23% from 2020 to 2021, with fintech businesses seeing particularly strong growth of 41%. There has been a strong preference for digital channels, with three in four new customers utilising web, mobile or apps when onboarding a new service this year.

IDC Financial Insights AVP Michael Araneta said the results show that Australian businesses will need to find a solution for onboarding customers that minimises the hassles consumers can face during the process.

“Australian businesses must be able to support the sheer amount of growth in interactions with customers. This has been seen especially in customer onboarding, where the growth of new customer accounts in digital channels does not show any sign of stopping,” he said.

“It is important for businesses to ensure that the customer onboarding process is seamless to set the quality of customer journeys right from the get-go.”

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