Data from the Finance Sector Union shows almost 300 physical bank branches around Australia have closed or are in the process of closing since early 2020.
Out of this necessity has come an accelerated shift in attitudes. According to KPMG, 32 per cent of Australian banking customers who previously preferred face-to-face interactions now say they prefer using digital channels. The same report found Australians under 40 perceive quality of service and experience as a key benefit of going digital with their banking. All this amounts to a strong call to action for banks: provide exemplary digital experiences for customers, or risk losing out to your competitors.
Prioritising digital identity verification is paramount
There’s a distinct two way benefit of best-in-class digital identity verification technology: for consumers, and for financial institutions. Part of a positive digital experience for customers in financial services is the ability to be onboarded to new services quickly and securely — not having to deal with the hassle of a multitude of documents or repetitive form filling. For example, customers should have the options of document and biometric verification, via web or mobile channels, and these processes shouldn’t take more than a few seconds to complete.
For a financial services organisation, having the technology in place to verify and onboard new customers in accordance with local compliance and regulatory requirements is tantamount to decreasing instances of fraud. A recent study from GBG found 53 per cent of financial institutions view identity verification as their biggest obstacle to growing digital transactions, with a further 70 per cent believing faster KYC processes are a competitive differentiation. The findings come from GBG’s “Future-proofing Fraud Prevention in Digital Channels: Australia FI Study.”
As a result, GBG is making continuous expansions to greenID, our market-leading digital identity verification solution. Already trusted by organisations across government and multinational enterprises, greenID powers millions of verifications each year, helping ease the customer onboarding process. Carol Chris, Regional General Manager for Australia and New Zealand at GBG, recently spoke with ausbiz TV about the precise motivations behind the greenID expansion.
What motivated the expansion of greenID to a platform?
Comprehensive, end-to-end, and compliant digital identity verification has significant benefits for both consumers and financial institutions. Choosing the right platform from a trusted organisation will help financial institutions provide services to only the most legitimate customers. And because of their seamless experience, they’ll keep coming back for more.
To see a demo on greenID, the GBG digital identity verification platform solution, visit www.gbg-greenid.com
To download the full “Future-proofing Fraud Prevention in Digital Channels Australia's Financial Institution Study” report, visit https://www.gbgplc.com/apac/future-proofing-fraud-prevention-in-digital-channels-australias-financial-institution-study/
To watch Carol Chris’s full TV interview with ausbiz TV, visit