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Firms With Slow Onboarding Times Risk Losing Customers, Warns NorthRow Survey

NorthRow, a platform that helps regulated businesses verify the identity of their clients, recently conducted a survey that revealed that one in five checks to verify customers’ identities can take over 24 hours to complete.

In the fight against fraud, and other forms of financial crime, firms such as banks, lenders, legal practices, property firms, and estate agents must confirm customer identities to make sure they are opening an account or providing services to the right person.

Although around half of the respondents found that a typical check to verify customer identity takes 1-2 hours, 20% said that some checks can take over 24 hours.

This can cause inconvenience and frustration for customers, especially those who need to access financial services quickly. If onboarding processes are slow and tedious, companies risk losing customers and therefore business.

The survey also found less than a quarter of respondents are prioritising improving customer experience in the year ahead, despite onboarding times being so long.

On the findings, CEO of NorthRow, Andrew Doyle said: “There is great importance in undertaking customer checks as part of the onboarding process, yet our research has found the time taken to complete simple verification checks can be a significant challenge for customers.

“In 2023, customers expect near instant onboarding when accessing new financial services and products. Long checking times can not only result in lost business for companies, but customers becoming dissatisfied and switching to competitors offering faster and more efficient services.”

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