The beginning of a new year is a great time to resolve to improve your customer experience. One of the best places to start is the new account creation process. Financial institutions can spend hundreds, even thousands of dollars per new customer acquisition. Yet too often, potential customers abandon the online account creation process because it is too difficult or confusing.
Why do financial institutions require customers to use a multistep process to open an online account? One major reason is identity theft. According to LexisNexis, 41 percent of new account fraud (NAF) uses real identities with correct personal information, making it very difficult to detect when a stolen identity is used.