Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 47 Survey Findings Ease of opening an account and conducting transactions with virtual banks and insurers As a marketing strategy to differentiate themselves from incumbents, virtual banks and insurers often highlight the ease of account opening and conducting business transactions on their platforms. The process of opening an account is simplified by employing biometric authentication and other automated KYC measures. In comparison, new customers of traditional banks may still require to submit documents and visit bank branches or offices to verify their identity. Customers of traditional insurers are met by agents or brokers who explain the insurance plan during a face-to-face session, and customers may need to sign policy application forms in person. We asked respondents if they agreed it is easy to open an account and conduct transactions with virtual banks and insurers. Exhibit 21 shows that 44.3% of respondents agree or totally agree, while 37.4% remain indifferent. Exhibit 21 Ease of opening an account and conducting transactions with virtual banks and insurers [1 - Totally Disagree ...... 5 - Totally Agree]