Swiss big banks lag behind in the area of digital client onboarding!

For five years now, it has been permitted for financial institutions in the Swiss market to offer digital account opening. In a recent study by “Inacta”, it was found that large institutions in particular are struggling with this.

As part of the study “Finance Onboarding Benchmark 2020”, the most comprehensive, data-based analysis of Swiss financial onboarding, 20 banks from the retail, wealth management, crypto and neo sectors were examined. The key test criteria were “implementation of FINMA regulatory requirements”, “marketing integration” and “customer experience”. Onboarding processes that still required a branch visit were not included in the study.

Neo-banks in particular stood out as frontrunners. The foreign providers N26 and Revolut, as well as the two Swiss start-ups Yapeal and Neon, were able to distinguish themselves above all in terms of speed, user experience and information architecture.

The average of a bank onboarding was around 18 minutes, which was rated as too long. There is also potential for optimisation at large banks such as UBS – the opening process here takes about 20 minutes . The front-runner was Yapeal’s onboarding process with just five minutes.

The report rated Credit Suisse (CS) and Zürcher Kantonalbank (ZKB) as “not digital”. The longest onboarding took a whole 45 minutes. CS and ZKB were criticised for having digitised paper processes too often at the expense of the user experience. It was also stated that the proportion of banks that do not yet offer fully digital onboarding in 2020 is still surprisingly high.

Find the entire Inacta study here:

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