Two-Thirds of Banks Losing Clients Due to Poor Onboarding, Warns Fenergo

Quick Summary:

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo.

Fenergo’s data suggests that banks need to work smarter, not harder.

Banks adopted these solutions early on to adapt to increasing regulatory demands and evidently still rely on them instead of moving to end-to-end enterprise solutions.

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Article Details

Category: StartupsBusinessTechnology

Markets: MalaysiaSingapore

Topics: Fenergo Regtech/Regulation Sponsored

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-21 @ 07:38:08 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: fintechnews.my

Language: English

Article Length: 497 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fintech News Malaysia

News ID: 23733310

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About Fintech News Malaysia

Main Topics: StartupsBusinessTechnology

Official Website: fintechnews.my

Update Frequency: 5 posts per day

Year Established: 2017

Headquarters: Malaysia

News Last Updated: 14 hours ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #74

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