FICO Survey: 1 in 3 Thais Reject Bank, Credit Card Applications Over Complex ID Checks
FICO's latest global consumer fraud research reveals that Thai consumers have low tolerance for inefficient digital experiences when opening financial accounts. Key findings include:
- 63% expect to answer 10 questions or less for a personal bank account application
- 26% will abandon if asked more than 5 questions
- 20% will give up after 10 minutes
- 1 in 3 have stopped or reduced use of existing accounts due to complex identity checks
- 39% have abandoned personal loan applications due to time-consuming processes
The study highlights the need for financial institutions to streamline processes while balancing security concerns. Ease of use and speed are top priorities for digital applications, but in-branch security is still valued highly.
La recente ricerca globale sui fraudolenti da parte di FICO rivela che i consumatori tailandesi hanno una bassa tolleranza per esperienze digitali inefficienti durante l'apertura di conti finanziari. I risultati chiave includono:
- Il 63% si aspetta di dover rispondere a 10 domande o meno per la richiesta di un conto bancario personale
- Il 26% abbandonerà se verranno chieste più di 5 domande
- Il 20% si arrenderà dopo 10 minuti
- 1 su 3 ha smesso o ridotto l'uso di conti esistenti a causa di controlli di identità complessi
- Il 39% ha abbandonato le richieste di prestiti personali a causa di processi lunghi
Lo studio sottolinea la necessità per le istituzioni finanziarie di semplificare i processi mantenendo un equilibrio tra sicurezza e efficienza. Facilità d'uso e velocità sono le priorità principali per le applicazioni digitali, ma la sicurezza in filiale rimane altamente apprezzata.
La última investigación global sobre fraudes al consumidor de FICO revela que los consumidores tailandeses tienen baja tolerancia a experiencias digitales ineficientes al abrir cuentas financieras. Los hallazgos clave incluyen:
- El 63% espera responder 10 preguntas o menos para la solicitud de una cuenta bancaria personal
- El 26% abandonará si le piden más de 5 preguntas
- El 20% se rendirá después de 10 minutos
- 1 de cada 3 ha dejado de usar o ha reducido el uso de cuentas existentes debido a controles de identidad complejos
- El 39% ha abandonado solicitudes de préstamos personales debido a procesos que consumen mucho tiempo
El estudio destaca la necesidad de que las instituciones financieras simplifiquen los procesos mientras equilibran las preocupaciones de seguridad. La facilidad de uso y la rapidez son las principales prioridades para las aplicaciones digitales, pero aún se valora mucho la seguridad en la sucursal.
FICO의 최신 글로벌 소비자 사기 연구에 따르면 태국 소비자들은 금융 계좌 개설 시 비효율적인 디지털 경험에 대한 관용이 낮다는 사실이 밝혀졌다. 주요 발견 내용은 다음과 같다:
- 63%는 개인 은행 계좌 신청을 위해 10개 이하의 질문에 답하기를 기대하고 있다
- 26%는 5개 이상의 질문을 받으면 포기할 것이다
- 20%는 10분 뒤에 포기할 것이다
- 3명 중 1명은 복잡한 신원 확인으로 인해 기존 계좌 사용을 중단하거나 줄였다
- 39%는 시간이 많이 걸리는 과정 때문에 개인 대출 신청을 포기했다
이 연구는 금융 기관들이 프로세스를 간소화할 필요성을 강조하며, 동시에 보안 문제와의 균형을 유지해야 한다. 사용의 용이성과 속도는 디지털 신청의 최우선 과제이지만, 지점 내 보안은 여전히 높은 평가를 받고 있다.
La dernière recherche mondiale sur la fraude des consommateurs de FICO révèle que les consommateurs thaïlandais ont une faible tolérance pour les expériences numériques inefficaces lors de l'ouverture de comptes financiers. Les résultats clés incluent :
- 63% s'attendent à répondre à 10 questions ou moins pour une demande de compte bancaire personnel
- 26% abandonneront si on leur pose plus de 5 questions
- 20% abandonneront après 10 minutes
- 1 personne sur 3 a cessé ou réduit l'utilisation de ses comptes existants en raison de contrôles d'identité complexes
- 39% ont abandonné les demandes de prêt personnel en raison de processus longs
L'étude souligne la nécessité pour les établissements financiers de rationaliser les processus tout en équilibrant les préoccupations en matière de sécurité. La facilité d'utilisation et la rapidité sont des priorités absolues pour les applications numériques, mais la sécurité en agence est toujours très valorisée.
Die neueste globale Verbraucherbetrugsforschung von FICO zeigt, dass thailändische Verbraucher eine geringe Toleranz für ineffiziente digitale Erfahrungen beim Eröffnen von Finanzkonten haben. Wichtige Ergebnisse sind:
- 63% erwarten, 10 Fragen oder weniger für einen Antrag auf ein persönliches Bankkonto zu beantworten
- 26% werden aufgeben, wenn mehr als 5 Fragen gestellt werden
- 20% werden nach 10 Minuten aufgeben
- 1 von 3 hat die Nutzung bestehender Konten aufgrund komplexer Identitätsprüfungen eingestellt oder reduziert
- 39% haben persönliche Kreditbeantragungen aufgrund zeitaufwändiger Prozesse abgebrochen
Die Studie hebt die Notwendigkeit hervor, dass Finanzinstitutionen ihre Prozesse straffen, während sie Sicherheitsbedenken berücksichtigen. Benutzerfreundlichkeit und Geschwindigkeit sind die obersten Prioritäten für digitale Anwendungen, aber die Sicherheit in der Filiale ist nach wie vor sehr geschätzt.
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In a digital-first world, identity verification must not hinder new business
1 in 3 Thais have abandoned opening a personal bank account due to complex identity checks. (Graphic: FICO)
Highlights
- Ease of use is the top priority for Thais, 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 three Thais 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
Nearly two in three (
Regardless of the number of questions asked, one in five Thais 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
“Thai consumers are embracing digital banking and are demanding seamless account opening experiences,” said Aashish Sharma, APAC segment leader for risk lifecycle and decision management at FICO. “To meet these expectations, our research shows that a critical step financial institutions need to take to retain customers and enhance customer satisfaction is streamlining processes.”
Friction Frustration Exceeds Fraud Worries
In the past year, more than half of Thais have noticed more identity checks when they log in to bank accounts (
This increase in identity checks by Thai banks is a direct response to the significant issue of identity theft in the country. One in eight consumers (
Despite this, frustration with identity checks can alter consumer behavior. The FICO survey revealed that one in three 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
Thai consumers show varying levels of patience for different account opening processes. They are most likely to abandon personal loan applications (
Approximately one in three (
Additionally, only one in ten Thai consumers (
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.
“With more customers using digital services for faster online loan approvals, banks must tackle and reduce consumer frustration caused by ineffective identity checks,” added Sharma. “Close to half of Thais (
Appreciation for Digital Application Advantages
When asked about the benefits of opening an account digitally via the provider’s app, ease of use and speed were identified as the top advantages (
In contrast, four in five Thais (
“Consumers crave a smooth onboarding experience, but security remains paramount,” noted Sharma. “Consumers want smarter onboarding processes and identity checks, not riskier processes. While they appreciate appropriate security for high-value transactions, they expect banks to streamline the process by leveraging technologies like improved identity verification, transaction history analysis, open banking and government databases.”
The survey was conducted in November 2023 by an independent research company adhering to research industry standards. 1,002 Thai 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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View source version on businesswire.com: https://www.businesswire.com/news/home/20240731171307/en/
Lizzy Li
RICE for FICO
+65 9034 7768
lizzy.li@ricecomms.com
Saxon Shirley
FICO
+65 9171 0965
saxonshirley@fico.com
Source: FICO
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