Look Ma, no paper: The banking REVOLUT-ion is here

Opening a new bank account isn’t easy. It’s paper-heavy, time-intensive and frankly, inconvenient. From awkward opening hours, to the reams of paperwork required, it can be a mission to get access to your precious paycheck.

But with banking moving online, things are getting better – right?

Wrong.

59% of people have walked away from an online application in the last 12 months.

Up to half of digital applicants are being pushed offline to verify their identities, or to submit additional required documentation. If they do visit a branch to follow up, it often means beginning the application process again.

Clearly, that’s a problem. Processes are stuck in a paper-based world, and just don’t work for digital customers.

Only 38% of millennials have offline accounts

Over the past 10 years, the number of people using online banking has more than doubled from 30% to 63%

In 2016, 72% of consumers used digital channels to open a checking account, up from 12% in 2014.

But there’s good news. With the rise of challenger banks, a new, digital day is dawning. We partnered with Revolut, a leading online bank with over 1 million customers. Their goal? To revolutionise (pun intended) the way we do banking, so people3 can access their finances on their own terms. Opening an account takes just three minutes – then, customers are free to spend money anywhere in the world without fees, transfer funds globally with better exchange rates than most retail banks, and track all their purchases in an elegant app. Revolut is building the bank of the fast-paced, globalised future – and the customer’s right at the centre.

Check out the case study to see how Onfido is helping Revolut customers ditch the paperwork, while keeping Revolut KYC and AML compliant.

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Niamh is PR & Content Manager at Onfido. When she isn't doing that, she enjoys cheese boards, books about serial killers and collecting vinyl.
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