How to achieve regulatory compliance and exceed user expectations at the same time
Consumers are becoming more and more dependent on their digital devices, using them to simplify and enrich all aspects of their lives anytime and anywhere. Shopping for and purchasing products, establishing relationships and conducting business have all advanced at an astonishing pace over the last decade to allow effortless user experiences at home or on the go.
While financial institutions have made massive investments in their mobile and online banking products to meet market demand for easy to use services, heightened regulatory requirements since the terrorist attacks and the financial crisis have thwarted the efforts of many to achieve the same results with digital customer acquisition and onboarding. Most digital account opening applications offered by financial institutions are long, complicated, and require extensive data entry. An application that is difficult at best using a desktop browser is a non-starter using a mobile device, now the most commonly used method by consumers to go online.
The purpose of this white paper is to review the relevant regulations and share ways in which a financial institution can achieve compliance and exceed user expectations at the same time.
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