8 out of 10 consumers prefer a full digital banking experience according to the results of Onfido’s End-User Expectations of Digital Identity Report. The survey explores the growing preference among consumers for digital-first services, both online and in-person.

81% of people say they access services online daily, yet, in the last year, some have been prevented from doing so, with 26% banking customers unable to access online services, double the number of any other industry.

The appetite for the digital banking experience is not confined to online services either. The survey finds that users seek the benefits of digital within in-person banking, too.

8 in 10 users would opt for digital processes that help speed up in-person services and waiting times

During the COVID-19 pandemic, physical restrictions forced many businesses to meet users online. This is particularly true when it comes to setting up new accounts. Across industries, users are equally split between setting up accounts via an app (40%) and setting up accounts online (40%).

End-users are more likely to choose a digital-first option to open a bank account, manage investments or make a money transfer. However, for services that might involve more considered decisions or financial advice, such as lending and mortgages, users are more inclined to want an in-store element in addition to online services. 44% said they prefer an in-store experience when signing up to lending platforms.

However, there is a third preference for end-users: in-person services enhanced by digital processes. The research shows that users are embracing digital processes to speed up services in other industries, for example, to help them skip queues when checking into a hotel (82%) or renting a vehicle (76%). Banks and other financial institutions must now match these wider expectations for frictionless journeys, removing points of disruption, like a slow-moving line, if they are to boost user satisfaction.

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Tony Ball, President of Payment & Identity at Entrust, said: “A new era of digital access has arrived, one that offers simpler and more secure end-user experiences while providing additional revenue opportunities for businesses. With Entrust, companies can not only safely onboard new customers and immediately issue digital and physical payment cards but also provide a secure and seamless way for verified users to re-access their accounts and sign up for new products and services using simple e-signature processes. Striking the balance between convenience and security, without compromising either, has never been more important.”