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Study: Traditional banks are still not embracing digital, despite consumer demand

• Traditional banks failing to offer mobile-first digital account opening
• Report ranks Starling and Monzo as leaders, with HSBC and Lloyds as the least digital
• RBS is only incumbent to make significant progress towards fully digital service

ID: 1530066
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(businesspress24) - London 6th December 2017 ers to go through manual processes like visiting the branch rather than using digital identity technology to onboard applicants.

The report, UK Bank Accounts: A Survey of True Digital Capabilities in Customer On-boarding, assesses, compares and scores the registration, identity verification and account activation process of traditional and challenger UK banks. P.A.ID Strategies reviewed Barclays, HSBC, Lloyds Banking Group and RBS (including NatWest) as well as challengers Atom Bank, Monzo, Revolut, Starling Bank and Virgin Money.

Mobile-first bank Starling scored highest, leading the way on its identity verification and account activation process, while HSBC scored the lowest. RBS is the only incumbent bank allowing applications to submit proof of identity electronically, but not via smartphone or tablet.

" said John Devlin, author of the report and Principal at P.A.ID Strategies.

Table can be viewed here:

Key findings:

The report distinguishes between the account application and account activation time, to determine how quickly a new applicant could begin transacting once signed up. Archaic processes such as awaiting documents in the post and delays in sending cards and PINs also caused banks such as Barclays to score lower than competitors

Compliance with AML and KYC regulations for current accounts places restrictions on banks when onboarding customers. The report discovered that the majority of banks have failed to use digital identity services including biometrics that exist to enable mobile onboarding and that satisfy these regulations.

John added,

Each of the banks were assigned a score against account application (duration of process and number of steps to complete), ID verification (primary mean of verifying the applicant

The scorecard can be viewed here:

The full report is available for download here:

More information:

Keywords (optional):

p-a-id-strategies, report, banks, digital, starling, monzo, hsbc, lloyds, rbs,

Company information / Profile:

P.A.ID Strategies is a provider of information and market intelligence on global and local technology markets designed to deliver insight and understanding to its audience. It specialises in assessing go to market strategies, acceptance and uptake of new and disruptive technologies, assessing both the technology and commercial carriers and drivers.

P.A.ID Strategies provides you with the information & intelligence to understand your environment & help you make better business decisions. Our primary focus is on Payments, Authentication, Identity (P.A.ID) and the Security and Connectivity of people, devices, objects and transactions in an increasingly digitized and connected world. For more information, visit

PressRelease by


PressContact / Agency:

Nicole Louis
CCgroup for P.A.ID Strategies
+44 203 824 9200

published by: RealWire
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Date: 12/06/2017 - 12:06
Language: English
News-ID 1530066
Character count: 5031
Firma: RealWire
Ansprechpartner: Fran Cator Feedback to about Pressrelease-id:
Stadt: Lincoln
Telefon: +44 (0)1522 883640

Meldungsart: bitte
Versandart: Veröffentlichung

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