Clients want a fast, simple, registration-like process, similar to account opening in popular websites like Facebook or Amazon, whereas firms are required to perform in-depth due diligence of applicants before onboarding them as clients. We call this gap between the consumers’ expectations and the FIs’ regulatory obligations the “Consumer-Compliance Conflict”, and it’s the source to many applicants abandoning onboarding journeys way before completion.
Figure 2 The Consumer-Compliance Conflict