Explore the pivotal role of automation in revolutionizing business onboarding for the digital banking era. No, we're not talking about AI.
The promise of automated digital onboarding in banking lies in its ability to enhance the quality, speed, and volume of customer acquisition, thus driving growth for financial institutions. While consumer onboarding has seen significant success, business onboarding in 2024 still lags in performance due to the inherent complexities of business identity. These challenges have hindered the transition to truly automated business onboarding, which is the ultimate solution for many contemporary pain points including high costs, subpar onboarding experience, low pass rates, and escalating fraud. To solve these challenges and unlock the true potential of business banking, banks need access to reliable business identity.
Drawing on insights from recent market research on Business & Entity Verification (BEV) conducted by Liminal, a leading identity research group, we provide an overview of the differences between KYC and KYB programs and examine where fraud detection fits in.
Following this, we present industry benchmarks and offer practical strategies for automating key aspects of the onboarding process. Highlights include three inflection points where even small changes can unlock outsized benefits to transforming your business:
- onboarding experience for business customers
- pass rates disparities for businesses vs. consumers
- managing fraud risk effectively from the start
