Intelligent CIO Europe Issue 30 | Page 39

embrace biometrics r half will abandon tions if not fully digital e COVID-19 cus and value actless and online larly in the financial commissioned by are provider, FICO, e the pandemic took e interactions were r for the course s. The challenge ns appears to be ire onboarding leted digitally. arch, conducted ers globally at the the millennials but -year olds) who are digital account ber of 89% of ld open a bank ed by those aged ps surprisingly, the least likely to online, at 79%, which may reflect their lack of financial confidence rather than any reticence to engage digitally. When opening bank accounts digitally, people expect to carry out related activity in-channel (if necessary, by scanning documents or providing a selfie). A total of 77% think they should be able to prove their identity in this way and 73% expect to prove where they live without moving offline. Almost half – 46% – also expect to be able to set up a biometric such as fingerprint scan at account opening. It’s those that largely fall into the millennial category who are the least keen to scan identity documents or provide selfies to complete their application. Therefore, financial institutions that don’t facilitate a completely digital account opening experience could lose up to 55% of their new business. •