Three in five Filipinos expect to answer 10 questions or less or they will give up the process to open a bank account, a survey has pointed out.
One in five Filipinos will opt out from opening a bank account on a mobile app or website if asked more than five questions, said the FICO’s 2021 digital banking survey.
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The survey was conducted in January 2021 by an independent research company and 1,000 Filipino adults were surveyed along with 13,000 consumers in the USA, UK, Canada, South Africa, Australia, New Zealand, Indonesia, Malaysia, Vietnam, Thailand, Brazil, Colombia and Mexico.
The survey also found that 61 percent of consumers are more likely to open an account digitally than a year ago while 26 percent of Filipinos say financial institutions ask too many questions from potential clients.
Aashish Sharma, senior director of decision management solutions for FICO in Asia Pacific, said the pandemic is driving a digital mindset in the Philippines with 61 percent of consumers more likely to open an account digitally than a year ago.
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He added that the number of consumers who prefer to open bank accounts digitally has grown to 41 percent and continues to rise.
Overall Filipino consumers want digital experiences and 69 percent want to prove their identity online and 26 percent of Filipinos say that financial institutions ask too many questions.
The research also showed that just 28 percent of Filipinos would apply for a mortgage digitally and two in five Filipinos polled said they were willing to answer 11 to 20 or more questions when it came to applying online for a mortgage. (AW)
