It is well documented that the Internet is increasingly becoming the go-to destination for consumers to read up on and research the wide array of financial services products on the market and as this accelerates, more and more consumers will want to be able
to apply for financial services online. Recent research found that almost six out of ten financial services organisations now process at least some new applications online. Moreover, over half offer at least one product or service where the entire application
and acceptance process can take place online, whether it is a loan, a savings account, mortgage, current account application or a credit card.
The growth in the number of companies offering a complete service online, coupled with consumer expectations of these online services, increases pressure on financial companies to be able to deliver faster decisions on the approval of applications. One organisation
needing to ensure its new online account opening service was quick and efficient for both customers and staff is Saffron Building Society. By electronically verifying customers' identities, new and existing customers who apply for Saffron savings accounts
online no longer need paper based proof of identity to hand, as their personal details are automatically verified. The system checks the applicant's personal information against independent data sources to confirm identity and as a result, customers can be
given an instant decision on their application.
This is an excellent example of a financial institution responding to changing expectations in the marketplace and we expect more to follow suit. However, despite growth in the use of online channels and increased use of electronic authentication, many application
processes still rely on paper methods, which not only slow up the application process for the customer but are also time consuming and labour intensive for the staff involved. The task at hand for many lies in addressing this challenge and adopting new methods
in order to increase efficiencies and customer satisfaction.
Micah Willbrand, UK Head of Authentication Services, Experian