The Hidden Cost of Your KYC Process

Podcast: Banking Transformed with Jim Marous · LLH Media

Opublikowano: 2026-08-24

Your institution is spending real money to bring people to the front door, and most of them never get through it. Cornerstone Advisors found 3.36 digital checking applications abandoned for every one completed, or nearly 9,000 potential accounts at the average institution. Research from Debbie puts average application completion around 15%, with the ID upload as the single biggest drop-off point, and some institutions decline 70% of the applications they receive. Meanwhile the average cost to acquire a member runs around $489. Most of that gets treated as a KYC and compliance requirement, and...