How TrustCloud VideoID transforms digital onboarding and reduces abandonment rates

Ensuring regulatory compliance while delivering a seamless digital experience has become a top priority for organisations, particularly in highly regulated sectors such as banking.

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owever, one of the most critical challenges remains the high percentage of users abandoning identity verification processes. Digital friction, lack of support, and complex procedures not only frustrate customers but also directly impact a company’s profitability and reputation. 

TrustCloud VideoID is our solution to this issue. By combining cutting-edge technology with a smooth and user-friendly experience, VideoID’s video identification offers a comprehensive approach that significantly reduces abandonment rates while ensuring the highest standards of regulatory compliance. 

The challenge of banking onboarding: Issues and data 

In key sectors such as banking, fintech, and insurance, high abandonment rates not only result in the immediate loss of potential customers but also lead to additional costs and legal risks due to non-compliance or perceived inefficiencies in operations. 

Here are some of the most common challenges in banking onboarding: 

• Lengthy and complex processes: Many platforms require multiple steps to complete identity verification, leading to user frustration. Every extra second in the process reduces the likelihood of success. 

• Technical difficulties: Issues such as unintuitive interfaces, loading errors, and lack of mobile compatibility cause users to abandon the process before completing their application. 

• Lack of real-time support: The absence of immediate assistance to address questions or technical issues exacerbates the problem, especially for users less familiar with digital platforms. 

• Perception of insecurity: A lack of transparency or confidence in the protection of personal data can deter users from sharing sensitive information. 

Industry data highlights the problem 

The numbers speak for themselves, illustrating the scale of the issue: 

• If the process of opening an account or applying for a loan takes longer than five minutes, there is a 60% or greater likelihood of abandonment (The Financial Brand). 

• Approximately 68% of consumers abandon online applications for financial services (Signicat). 

• A staggering 75% of users who abandon the process are aged between 25 and 34, a crucial demographic for the financial sector’s growth (Signicat). 

• As a result, 48% of customers who encounter digital friction switch to a competitor bank, highlighting the direct impact on customer loyalty. 

In this scenario, tools like TrustCloud VideoID become strategic allies, not only overcoming these barriers but also delivering a differentiated experience that boosts customer retention, all while adhering to the strictest regulatory standards. 

The solution: TrustCloud VideoID 

How do we tackle these challenges? By combining cutting-edge technology, personalised support, and operational flexibility, we ensure your customers complete the onboarding process in record time, significantly reducing the dreaded abandonment rate. 

Here are the key features of TrustCloud VideoID: advanced technology for fast and accurate identity verification. 

• FaceMatch and Liveness Detection. FaceMatch technology compares the user’s real-time image with the photograph on their official ID document, using AI algorithms to confirm a match. Liveness Detection ensures that the person completing the process is genuine and physically present, identifying subtle gestures or movements to prevent fraud attempts, such as using photos, pre-recorded videos, or deepfakes. 

• Real-Time Recording with Timestamps. The solution provides a complete transaction record with timestamps, facilitating audits and ensuring compliance with regulations such as GDPR, SEPBLAC, 6AML, and MiFID. 

• Assisted or Unassisted Options. TrustCloud VideoID offers flexibility by allowing users to switch between an assisted process with real-time fraud experts or an unassisted, automated process where users follow on-screen prompts. This ensures even those less familiar with technology can complete the process seamlessly. 

• Personalised Support with the Help Me Button. For users who may feel stuck during the unassisted process, the HelpMe Button provides instant access to support from one of our video agents, ensuring a smooth and reassuring experience. 

• Fraud Detection Expertise. Our specialised agents, trained to the highest standards using police-level methodologies, guarantee maximum security and trust in every transaction. Their proactive approach to identifying potential threats reduces legal and reputational risks for businesses. 

• Comprehensive Regulatory Compliance. TrustCloud VideoID is designed to meet the strictest global regulatory standards, making it a reliable tool in markets across Europe, the United States, LATAM, and APAC. 

Robust and barrier-free digital onboarding 

At TrustCloud, we believe that technology should be inclusive, secure, and efficient for everyone. VideoID embodies this philosophy by providing a digital onboarding solution that combines state-of-the-art security, ease of use, and speed. Offering a suite of robust and configurable features, we ensure every verification is accurate and reliable, while support options like the Help Me Button guarantee no user is left behind, regardless of their familiarity with digital tools. 

With an average processing time of under 2.5 minutes, VideoID not only accelerates workflows but also removes the barriers that often frustrate users, helping businesses create accessible and satisfying experiences. 

Ready to transform your digital onboarding process? 

Request a demo of TrustCloud VideoID today and discover how we tackle abandonment rates head-on