In the banking and financial services industry, the customer experience quality is key to attract new and retain existing clients. The competition arising from tech-savy newcomer banks entering the market reshaped the landscape and accelerated the digitization of many processes and services. Nowadays, customers expect a high level of services from financial organizations, as they enjoy in other areas of their lives.
These factors are making customers less loyal to their current bank and highlight the importance of the onboarding process. A convenient, user-friendly digital customer onboarding is paramount for traditional banks, not only to keep attracting new customers, but also to maintain a long-lasting relationship with them.
LOQR technology allows banks and financial services to onboard new customers, ensuring compliance with all the relevant AML and KYC requirements for identity verification, and providing a customer frictionless experience.