Onfido and Okta have released a new report that suggests that companies are now racing against the clock when they try to onboard new customers online. The report found that while people are more comfortable using online services, they expect the onboarding process to take less than 10 minutes, and will lose confidence in businesses that exceed that time.
The findings in the Digital by Default report are based on the responses of over 1,000 people in France, and another 4,000 people in the US, the UK, and the Netherlands. The survey itself was conducted in September of 2021.
Digging into the details, French consumers were the most enthusiastic about digital services, with the overwhelming majority (94 percent) indicating that they feel comfortable when accessing things online. Many (43 percent) said that their comfort level increased during the pandemic, which suggests that people become more receptive to digital services the more that they have to use them. In that regard, COVID-19 led to increased adoption of digital services as people turned to remote service options during pandemic lockdowns.
The French respondents cited convenience as the biggest advantage that online channels have over their in-person counterparts. The majority (64 percent) appreciated the fact that they didn’t have to leave their home, while nearly half (44 percent) liked the fact that many online services are available 24/7. Many (48 percent) also felt that online services were safer than physical venues during the pandemic.
On the security front, 70 percent of the respondents expressed a willingness to use biometric authentication instead of a password. Meanwhile, 85 percent of those who have already used a biometric to open an account would be willing to do so a second time.
The trend was true across industries and countries, though consumers are particularly keen to use the internet while banking, when booking hotels, and when accessing telecom accounts. Seventy-eight percent of those in France want to be able to open an account in less than 10 minutes, regardless of the nature of that service.
“From the moment a consumer visits a service provider’s website or downloads an app, they’re evaluating whether the business can deliver a trusted digital service, providing security and keeping their data private,” said Onfido CEO Mike Tuchen. “Those that can offer low or zero friction during verification and authentication will positively differentiate themselves in a market where digital services have become the norm.”
Onfido itself has enjoyed record growth during the pandemic, a fact that reflects the rising demand for secure remote onboarding technology. Tiger Brokers and the BUX investment platform are some of the company’s most recent customers.
October 22, 2021 – by Eric Weiss