Resources

Downloadable identity verification whitepapers, case studies and more.

How Electronic Verification Creates a Seamless and Cheaper Onboarding Experience

Every company knows what its Customer Acquisition Cost (CAC) is: the total amount of money the firm spent to earn a new client, including marketing, sales, infrastructure, headcount, and other costs related to onboarding. A CAC can range from $7-395 per person, and those costs are, in part, driven by the processes, tools, and employees needed to review documents to verify a potential customer’s identity.

We believe fintechs need to expand their understanding of CAC to include the cost of onboarding a new client. Fintechs can’t just have good marketing strategies and not think about what it takes to verify a customer so they can open an account. If the onboarding process feels cumbersome, then customers won’t open accounts and those earlier initiatives won’t matter.

GDC believes Electronic Identity Verification (eIDV) provides fintechs with a critical advantage. It creates a seamless experience for new clients, eliminates customer dropout rates, and lowers a firm’s CAC.

Download our report to learn more about the impact of effective eIDV.

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