Identity Verification: A Digital Utopia

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of consumers see no resumption of branch usage post pandemic


prefer to digitally apply for a credit card or savings account


of FIs see ID verification as most challenging factor inhibiting digital transactions.

The present and future of KYC/AML are digital

The COVID-19 pandemic can be accredited with accelerating the digitalisation of processes and experiences in financial services that was already underway. It has reinforced the realisation that customer experience and cost efficiencies could be enhanced by digitisation and has amplified the rate of change.

KYC/AML represents a key part of the customer onboarding process for financial institutions and contributes significantly towards the overall customer experience. Just like in other areas, COVID has reinforced the view that digital capabilities will be at the heart of KYC/AML long past the end of pandemic. A digital first approach to identity verification and KYC/AML compliance ensures the best possible outcome for both customers and financial institutions.

GBG has partnered with RFi Group to produce this report. The report illustrates why institutions should continue on the path towards further digitalisation and the key learnings as they do so. It demonstrates that institutions that lead in this area can simultaneously provide differentiated customer experiences, enjoy operational efficiencies and minimise risk. 


40% of Australian consumers indicate that during the pandemic they completed a banking task via digital banking that in other circumstances they may have performed by non-digital channels.

Close to 1 in 2 consumers now say a digital channel would be their preferred means of applying for a credit card, a transaction account or savings account. 

The proportion of consumers aged 45-54 using a mobile banking app increased from 45% in Mar 2019 to 59% in Sept 2020. The proportion of consumers aged 55+ increased from 26% to 33% over the same period.

82% of customers who say they were highly satisfied with their application and onboarding experience now report similar satisfaction with their loan.

70% of Australian financial institutions believe providing faster KYC and straight through process during digital onboarding is a
competitive differentiation.

50% of consumers say they are comfortable with the usage of biometrics for the purposes of identification for financial products, a proportion which increases to almost 80% among Gen Z and Millennials.

GBG (AIM: GBG) is a global technology specialist in fraud and compliance management, location and identity data intelligence with offices in 17 locations worldwide. For over 30 years, GBG has been accessing and verifying identities, to the standards set by financial regulator. GBG works with over 20,000 customers across 70 countries, and has a network of over 270 global partnerships connecting to more than 510 datasets to provide data with accuracy and integrity. 

GBG is ranked as a global category leader across KYC, AML and enterprise fraud, and manages the entire customer journey from KYC/AML to digital onboarding to ongoing transaction monitoring. In the identity verification category, GBG provides a complete and integrated suite of digital identity verification solutions from biometric, document, data verification to data intelligence. In Australia, GBG is the market leader in identity verification with our acquisition of VIX Verify and the greenID solution, and is an approved DVS provider. Some of our customers include Suncorp, Ubank, Latitude, National Australia Bank, Western Union, Pointsbet, and Optus.

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