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 Indonesia have a low tolerance for inefficient digital experiences when opening an account via mobile app or website. According to the study, Indonesians selecting a new financial account prioritise ease of use above all else.
Three in five (57%) expect to answer 10 questions or less or they will abandon a personal bank account application. Just over one in five (22%) will drop out if asked more than five questions.
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.
“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.”