TSB Streamlines Account Onboarding Process
TSB has significantly enhanced its account onboarding, cutting the process down to just 10 minutes. The updated mobile functionality now requires only eight scrolls to complete the sign-up, a considerable improvement over the previous 60 scrolls needed on the website.
In an exclusive conversation with Finextra, Kavin Mistry, the head of digital sales and growth at TSB, revealed that the bank has also reduced the number of questions required for account openings from 49 to 22. This adjustment aims to strike a balance between customer validation and minimizing perceived friction.
Mistry emphasized that this new onboarding experience is “the fastest and most secure that TSB has ever implemented,” designed for customers eager to transition to digital banking while feeling confident in their security.
The COVID-19 pandemic has reshaped customer expectations, especially regarding mobile banking capabilities. “This shift is central to our mobile-first strategy. Allowing customers to join TSB through their mobile devices is crucial, especially with the rise in digital applications,” Mistry noted.
TSB’s collaboration with Onfido enhances the mobile app’s security by comparing physical customer identification with biometric videos of the new account holder. This approach combines artificial intelligence with human expertise to ensure a swift and accurate verification process.
Additionally, the implementation of real-time OTP checks verifies that customers have access to their email accounts before completing their registration. Once onboarded, customers can immediately access the TSB mobile banking app and their account details.
Recognizing the importance of accessibility, TSB has partnered with the Royal National Institute for the Blind (RNIB) to integrate essential features into the design of the new digital journey, which meets AA accessibility standards.
“At TSB, diversity and inclusion are fundamental values that we prioritize. We understand that customers have diverse and complex needs. Collaborating with RNIB has been instrumental in this development,” Mistry concluded.
TSB has also conducted research with a diverse range of customers, including those who are partially sighted or have Asperger’s syndrome, ensuring that the new onboarding process is compatible with screen readers, audio features, and provides appropriate color contrast.