Powered by MOMENTUM MEDIA
subscribe to our newsletter

Finance industry facing client ID dilemma

Up to 95 per cent of Australian financial service firms are having difficulty identifying their customers, according to a new report by data consultant GBG.

The study, conducted for GBG by Forrester Consulting, found that 92 per cent of financial service firms have placed a “high to critical” priority on improving their ability to identify customers in 2018.

The study found that poor practices at the onboarding stage are leading to missing data about customers, which leads to problems down the track.

More than three-quarters (79 per cent) of Australian firms are planning to increase their spending on digital customer experience in the next 12 months, the study found.

However, Australia is leading the world in some areas, with 77 per cent of local companies currently using facial recognition (or planning to implement it in the next 12 months).

GBG country manager for Australia and New Zealand Mathew Demetriou said: “The good news is that Australian financial service firms recognise the issues and barriers preventing them from easily identifying customers.

Advertisement
Advertisement

PROMOTED CONTENT


“It’s positive to see that firms are planning to invest in key areas to address this. While investment is great, the sector needs to keep pace with new technologies and ensure it adopts new methods to remain globally competitive.

“People can increasingly choose financial services from providers globally and are used to first-class digital experiences. It’s these heightened customer expectations that drive further competition in the sector.”

Finance industry facing client ID dilemma
mortgagebusiness

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.