Powered by MOMENTUM MEDIA
realestatebusiness logo

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

“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 tech company has appointed its first female chief executive to succeed Ian Hendey and continue its expansion plans. ...

The third-party channel is now responsible for more than half of Bendigo and Adelaide Bank’s loan book, new data shows. ...

The Mortgage Business Uncut podcast is your weekly analysis of the biggest themes shaping the Australian mortgages market. ...

VIEW ALL

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!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

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