50% of new bank client sign-ups fail due to onboarding friction

50% of new bank client sign-ups fail

It seems the process of onboarding is currently so bad that 50% of potential new bank customers quit the process altogether due to friction. This finding was recently published by Regula via a white paper on this and other related bank challenges including the fact that 31% of banks suffered significant losses as a result of identity fraud. For further information, and to download the white paper, please click here

Minerva from S4Encrypt solves this problem

S4E has created Minerva, an onboarding app which deploys biometric identity verification, end to end encryption and proof of address. This process automatically transfers all identity data, including images of the ID document and the client selfie, into a highly secure digital vault.

The client will have access to this vault throughout their relationship with the onboarding organisation. To complete the process, the client can be prompted to sign any documents needed to confirm the relationship.

Any documents signed within Minerva will be handled entirely inside the vault, without using email.

50% Of New Bank Client Sign-Ups Fail Due To Onboarding Friction. Minerva From S4Encrypt Solves This Problem

When the client onboarding has been completed, the data gathered during identity verification can be transferred via the Minerva API into the onboarding organisation’s business applications, thus ensuring a seamless and completely secure process.

The onboarding organisation will of course have access to the contents of the client vault, but the identity information held there will be made available read-only, to further reduce the risk of identity theft or fraud.

For more information on how Minerva can assist your business, please contact us. We will be delighted to arrange a demonstration of Minerva.