LONDON, Oct. 28,
2024 /PRNewswire/ -- FullCircl, a UK-based
RegTech uniquely positioned at the intersection of revenue and
regulation, today announces the release of its new State of
Identity Verification Report. The report exposes the
knowledge gaps and missed opportunities currently costing firms an
estimated 38% of potential new customers each year.
The key finding of the report is that many regulated businesses
still have significant blind spots around customer onboarding, and
that these represent wasted opportunities impacting customer
attrition, compliance costs, and profitability. The research
found the rate of abandoned sign-ups is potentially 2.9x greater
than businesses estimate. The most common reason for this
appears to be a total focus on regulatory compliance at the expense
of customer experience, The study implies that this imbalance could
be costing businesses dearly.
To reveal the true state of identity verification (IDV) today,
FullCircl, surveyed over 1000 'nationally representative' consumers
in the UK, and then compared their opinions and perceptions against
a survey of compliance professionals across a range of regulated
industries. In total, FullCircl surveyed 1,521 respondents,
comprising 464 professionals and 1057 individual consumers.
Of the 15 major findings contained within the report, key
highlights include:
- The average onboarding time is 35 minutes, which is 2.8x longer
than customers would like.
- 38% of customers have abandoned account opening – much higher
than businesses anticipate. In fact, 98% grossly misjudge levels of
drop-off.
- User experience tops the poll as the biggest challenge facing
compliance, and yet 54% are still not actively grasping this
opportunity to cost effectively boost acquisition.
- 53% of customers abandoned the sign-up process because they
felt uncomfortable with the IDV process. But when they do
experience secure, uncomplicated, and fast IDV it dramatically
increases the number completing onboarding processes
successfully.
- 59% of business still rely on fully manual or mostly manual IDV
processes - driving up onboarding time and complexity, whilst
driving down customer satisfaction and profitability.
Andrew Yates, CEO at FullCircl
commented: "One of the biggest onboarding challenges facing
regulated businesses right now is how to successfully walk the
tightrope between customer experience and regulatory
compliance. Unfortunately, it's clear from our report that
too many organisations still approach these as mutually exclusive
issues. Likewise, too many are still employing manual
approaches to identity verification which is compounding the
problem even further."
He continued: "It's clear that a more sophisticated,
future-proof approach to IDV is required to both manage risk and
compliance and achieve positive customer outcomes. There are
bright opportunities for those that get this right - bringing down
the cost of acquisition whilst simultaneously driving up the
customer experience and enhancing regulatory compliance."
Access the full State of Identity Verification report from
FullCircl here.
NOTES TO THE EDITORS
For more information please contact:
Kelly Prior, PR Consultant
Tel: 07730 572878
Email: Kelly@kellyprior.co.uk
About FullCircl:
FullCircl is a B2B SaaS company that brings regulation fully
in-step with customer acquisition, creating better business from
the start. Its global solutions drive revenue growth, keep risk and
compliance in check, and streamline customer onboarding. Its
software, delivered through a platform, API, and suite of
applications reduces the cost to acquire and serve, clears the
way for positive customer relationships, and accelerates profitable
growth.
FullCircl identifies millions of actionable insights daily,
providing a near real-time record of companies, their officers and
shareholders, and the relationships between them. It enables
businesses to verify the identity of corporate entities and
individuals and orchestrate many of the time-consuming checks
needed to conduct customer due diligence during onboarding, such as
KYC, AML and fraud, empowering businesses to satisfy regulatory
requirements and make informed decisions about their customers. By
embedding KYB and KYC from the very beginning of the customer
engagement, FullCircl has compliance solved.
FullCircl was formed following the acquisition by Artesian
Solutions of DueDil and is backed by top tier investors including
Octopus Investments, Notion Capital and Augmentum Fintech. In 2023,
FullCircl acquired W2 Global Data Solutions, strengthening its KYC,
AML, Fraud Detection and identity verification capabilities. Today,
it serves over 500 customers, 15,000+ web application users,
processes over 300 million checks per month and facilitates the
onboarding of 200,000+ customers annually.
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