When you board a train on the London Tube, there is a very polite recording that reminds you to “mind the gap”. “Mind the gap” so you don’t trip, so you don’t get your foot caught, so you will get onboard safely, quickly, and get to your destination.
Well in fintech, we need to start minding the trust gap. When a customer downloads an app and the verification fails, a third of them walk away because it is too much trouble. That is the number that keeps UX architects up at night. 33% of customers who have already downloaded the app walk away because the verification and onboarding process feels like an interrogation rather than an invitation.
But, it isn’t that simple, right? Banks and Fintechs need to be more careful than the average app. With KYC requirements, they can’t just hope people are whom they say they are. In the last few years, fraudulent account openings has been the top strategy of cyber thieves and consumers lost more than $16 billion due to fraud and identity theft. Banks and Fintechs straddle an almost impossible line, meeting customers demands for both a hassle-free and safe onboarding experience that works seamlessly in their lives.
So what strategies can banks and fintechs use to strike the proper balance between security and ease? Scarlett Sieber and Sanjib Kalita share the insights from Rodger Desai, CEO of Payfone, and Jason Wilk, CEO of Dave to answer how financial institutions can help Mind the Trust Gap.
Producers: Roland Bodenham, Rachel Morrissey
Hosts: Sanjib Kalita, Scarlett Sieber
Guests: Rodger Desai, CEO of Payfone, Jason Wilk, CEO of Dave