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Onboarding with TrustCloud

The Use Case of TrustCloud for opening accounts in less than 10 minutes

Financial institutions have up to 15 minutes to onboard customers. A goal that only a few achieve.

Market data indicate that banks, credit card issuers and other financial institutions are losing more than half of their potential customers (55%) if applications are delayed.

As financial services become increasingly digital, businesses struggle to keep up with consumer expectations. The most common points of frustration when performing onboarding is the amount of personal information required (31%) and the time it takes to complete the process (28%).

As a result consumers abandon, and it doesn’t take long to lose most potential customers:

  • 12% quit after 5 minutes.
  • 40% quit after 10 minutes.
  • 70% quit after 20 minutes.
  • 86% quit after 30 minutes.
  • 93% quit after 60 minutes.

Since about one in three (29%) applications take more than 20 minutes to complete, many companies are not meeting this challenge and as a result are losing customers.

To stay competitive and meet this challenge of less than 15 minutes, financial institutions have at their disposal TrustCloud as the only platform needed to deploy their onboarding processes.

Its nature as an integral solution or end to end to perform all the digital transactions involved in the onboarding processes, reduces to less than 10 minutes the duration of this process.

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