Fico Survey: 1 In 3 Malaysians Reject Bank, Credit Card Applications Over Complex Id Checks

By Author: otis
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FICO, a leader in analytics software, has released new global consumer fraud research revealing that Malaysian consumers have low tolerance for inefficient digital account opening experiences. The study shows that Malaysians value both good fraud protection and ease of use when selecting a new financial account via mobile apps or websites. Specifically, 64% of consumers expect to answer 10 questions or less during a bank account application process, otherwise, they abandon it. Additionally, 33% will drop out if more than five questions are asked, and 25% will give up after 10 minutes regardless of the number of questions.

The research highlights that Malaysian consumers have become increasingly frustrated with identity checks despite recognizing their necessity. Over the past year, 51% of Malaysians noticed more identity checks when logging into bank accounts and 49% when making online purchases. Identity theft is a significant issue in Malaysia, with 7% of consumers confirming fraudulent use of their identity to open accounts and 30% suspecting it.

This frustration is leading to a change in consumer behavior, ...
... with 30% of bank customers reducing or stopping their use of personal bank accounts and credit cards due to cumbersome identity verification processes. Additionally, Malaysians are most likely to abandon applications for savings accounts (41%) and personal bank accounts (39%) because of complex identity checks, and 31% have abandoned credit card applications for the same reason. Only 11% of consumers feel comfortable opening a mortgage account digitally, while 47% prefer to apply for personal loans in person.

Read More - https://www.techdogs.com/tech-news/business-wire/fico-survey-1-in-3-malaysians-reject-bank-credit-card-applications-over-complex-id-checks