Case Study: Rabobank grows online onboarding from 35% to 60% with ReadID

We have grown the online channel for onboarding new customers from 35% to 60%

Rabobank, one of the largest banks in the Netherlands, wanted to improve a slow, manual online onboarding process that relied on copied identity documents, a 1-cent payment check, and derived identification. The existing flow had a high failure rate, with about half of applications rejected due to unreadable, incomplete, expired, or otherwise invalid information, and Rabobank needed a faster, more user-friendly, and more reliable way to verify new customers. ReadID’s NFC-first identity verification was used as part of the bank’s Rabo Mobile Identity App.

With ReadID, Rabobank replaced manual processing with a fully digital onboarding process launched in February 2020. The result was a major improvement in conversion: the share of customers onboarding online increased from 35% to 60%, and Customer Effort Score rose to 88%, above the 80% target. Rabobank also reported that identity verification now takes only minutes and users describe the experience as “fast,” “clear,” and “fantastic.”

Rabobank