FICO Survey: 1 in 3 Indonesians Reject Bank, Credit Card Applications Over Complex ID Checks
FICO's recent survey reveals that 1 in 3 Indonesians have abandoned opening a personal bank account due to complex identity checks. The study highlights Indonesian consumers' low tolerance for inefficient digital experiences when opening financial accounts online. Key findings include:
- 57% of Indonesians expect to answer 10 questions or less during account applications
- 33% abandon credit card applications due to complex identity checks
- 47% won't complete a digital mortgage application with more than ten questions
- 81% value ease of use and 24/7 availability for digital account opening
The survey emphasizes the need for financial institutions to balance security with user-friendly processes to improve customer retention and satisfaction in Indonesia's digital banking landscape.
Il recente sondaggio di FICO rivela che 1 indonesiano su 3 ha abbandonato l'apertura di un conto bancario personale a causa di controlli d'identità complessi. Lo studio evidenzia la bassa tolleranza dei consumatori indonesiani per esperienze digitali inefficienti quando si tratta di aprire conti finanziari online. I principali risultati includono:
- Il 57% degli indonesiani si aspetta di rispondere a 10 domande o meno durante le domande di apertura del conto
- Il 33% abbandona le domande per carte di credito a causa di controlli d'identità complessi
- Il 47% non completerà una domanda di mutuo digitale con più di dieci domande
- L'81% attribuisce valore alla facilità d'uso e alla disponibilità 24/7 per l'apertura di conti digitali
Il sondaggio sottolinea la necessità per le istituzioni finanziarie di equilibrare la sicurezza con processi user-friendly per migliorare la retention e la soddisfazione dei clienti nel panorama bancario digitale indonesiano.
La reciente encuesta de FICO revela que 1 de cada 3 indonesios ha abandonado la apertura de una cuenta bancaria personal debido a complejos controles de identidad. El estudio destaca la baja tolerancia de los consumidores indonesios a experiencias digitales ineficientes al abrir cuentas financieras en línea. Los hallazgos clave incluyen:
- El 57% de los indonesios espera responder a 10 preguntas o menos durante la solicitud de cuentas
- El 33% abandona las solicitudes de tarjetas de crédito debido a controles de identidad complejos
- El 47% no completará una solicitud de hipoteca digital con más de diez preguntas
- El 81% valora la facilidad de uso y la disponibilidad 24/7 para la apertura de cuentas digitales
La encuesta enfatiza la necesidad de que las instituciones financieras equilibren la seguridad con procesos amigables para el usuario, con el fin de mejorar la retención y la satisfacción del cliente en el panorama bancario digital de Indonesia.
FICO의 최근 설문조사에 따르면 인도네시아인 중 3명 중 1명이 복잡한 신원 확인 절차 때문에 개인 은행 계좌 개설을 포기한 것으로 나타났습니다. 이 연구는 인도네시아 소비자들이 온라인에서 금융 계좌를 개설할 때 비효율적인 디지털 경험에 대한 낮은 내성을 가지고 있음을 강조하고 있습니다. 주요 결과는 다음과 같습니다:
- 인도네시아인의 57%가 계좌 신청 시 10개 이하의 질문에 답하길 기대합니다
- 33%가 복잡한 신원 확인으로 인해 신용 카드 신청을 포기합니다
- 47%가 10개 이상의 질문이 있는 디지털 모기지 신청을 완료하지 않을 것입니다
- 81%가 디지털 계좌 개설 시 사용의 용이성과 24/7 이용 가능성을 중요하게 생각합니다
이 설문조사는 금융 기관이 인도네시아의 디지털 뱅킹 환경에서 고객 유지율과 만족도를 높이기 위해 보안과 사용자 친화적인 프로세스 간의 균형을 맞출 필요성을 강조합니다.
La récente enquête de FICO révèle que 1 Indonésien sur 3 a abandonné l'ouverture d'un compte bancaire personnel en raison de contrôles d'identité complexes. L'étude met en avant la faible tolérance des consommateurs indonésiens pour les expériences digitales inefficaces lors de l'ouverture de comptes financiers en ligne. Les principales conclusions comprennent :
- 57% des Indonésiens s'attendent à répondre à 10 questions ou moins lors des demandes de compte
- 33% abandonnent leurs demandes de carte de crédit à cause de contrôles d'identité complexes
- 47% ne termineront pas une demande de prêt hypothécaire numérique avec plus de dix questions
- 81% apprécient la facilité d'utilisation et la disponibilité 24/7 pour l'ouverture de comptes digitaux
L'enquête souligne la nécessité pour les institutions financières d'équilibrer la sécurité avec des processus conviviaux pour améliorer la rétention et la satisfaction des clients dans le paysage bancaire numérique en Indonésie.
Die recente Umfrage von FICO zeigt, dass 1 von 3 Indonesiern die Eröffnung eines persönlichen Bankkontos aufgrund komplexer Identitätsprüfungen abgebrochen hat. Die Studie hebt die geringe Toleranz der indonesischen Verbraucher für ineffiziente digitale Erfahrungen bei der Eröffnung finanzieller Konten online hervor. Zu den wichtigsten Ergebnissen gehören:
- 57% der Indonesier erwarten, während der Kontoeröffnung 10 Fragen oder weniger beantworten zu müssen
- 33% brechen ihre Kreditkartenanträge aufgrund komplexer Identitätsprüfungen ab
- 47% werden keinen digitalen Hypothekenantrag mit mehr als zehn Fragen abschließen
- 81% schätzen Benutzerfreundlichkeit und 24/7-Verfügbarkeit bei der Kontoeröffnung
Die Umfrage betont die Notwendigkeit für Finanzinstitute, Sicherheit und benutzerfreundliche Prozesse in Einklang zu bringen, um die Kundenbindung und Zufriedenheit im digitalen Bankwesen Indonesiens zu verbessern.
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In a digital-first world, identity verification must not hinder new business
1 in 3 Indonesians have abandoned opening a personal bank account due to complex identity checks. (Graphic: FICO)
Highlights
- Ease of use is the top priority for Indonesians, followed by good fraud protection
- Two in three consumers expect to answer 10 questions or less or they will abandon a savings account application
- Identity checks are on the rise but one in four Indonesians will stop or reduce the use of existing accounts if the identity verification experience is poor
Global analytics software leader FICO today unveiled its latest global consumer fraud research, highlighting that consumers in
Three in five (
Regardless of the number of questions asked, close to one in three Indonesians will give up on a personal bank account application after 10 minutes.
More information: https://www.fico.com/en/latest-thinking/ebook/consumer-survey-2023-digital-banking-customer-preferences-and-fraud-controls
“Indonesian consumers are actively looking for digital banking services with smooth and effortless account opening experiences,” said Aashish Sharma, APAC segment leader for risk lifecycle and decision management at FICO. “Our research reveals that by simplifying these processes, financial institutions can improve customer retention and satisfaction.”
Friction Frustration Exceeds Fraud Worries
In the past year, close to half of Indonesians have noticed more identity checks when they log in to bank accounts (
This increase in identity checks by Indonesian banks is a direct response to the growing issue of identity theft in the country. Only
Despite this, frustration with identity checks can alter consumer behaviour. The FICO survey revealed that one in four bank customers have either stopped or reduced their use of existing personal bank accounts and credit cards, citing the cumbersome and time-consuming nature of these identity verification processes.
Mortgages and Loans Application Process Deserve More Scrutiny
Indonesian consumers show varying levels of patience for different account opening processes. They are most likely to abandon personal loan applications (
Close to one in three (
Additionally, only
While some consumers are more tolerant of detailed processes for certain financial products that require thorough scrutiny, the survey clearly shows that expectations for ease of use remain high.
“Banks promoting the use of digital services for quicker online loan approvals need to address the frustration caused by complicated and prolonged identity checks,” added Sharma. “Half of Indonesians (
Appreciation for Digital Application Advantages
When asked about the benefits of opening an account digitally via the provider’s app, ease of use (
In contrast, four in five Indonesians (
“Providing convenience and ease to consumers should not undermine security and anti-fraud measures,” noted Sharma. "Consumers are looking for smarter, not riskier processes. Technologies like improved identity verification, transaction history analysis, open banking, and government databases can save them time without compromising security. The key is finding the right balance between security and ease of use, especially for high-value products and interactions.”
The survey was conducted in November 2023 by an independent research company adhering to research industry standards. 1,001 Indonesian adults were surveyed, along with approximately 12,000 other consumers in
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
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Lizzy Li
RICE for FICO
+65 9034 7768
lizzy.li@ricecomms.com
Saxon Shirley
FICO
+65 9171 0965
saxonshirley@fico.com
Source: FICO
FAQ
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