Filipino consumers have a low tolerance for inefficient digital experiences when opening a financial account via mobile app or website, a report by the Fair Isaac Corp. (Fico) revealed.
Filipino consumers have a low tolerance for inefficient digital experiences when opening a financial account via mobile app or website, a report by the Fair Isaac Corp. revealed.
Regardless of the number of questions asked, one in five Filipinos will give up on a personal bank account application after 10 minutes, the report revealed. Despite this, frustration with identity checks can alter consumer behavior. 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.
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