Australians are more than ever embracing the convenience of digital banking. It is now possible to organise your finances and apply for a brand-new place to put your money in the comfort of your couch. The digital onboarding process is meant to be entirely painless. However, the process is not entirely smooth sailing. The stringent security measures and system glitches make the otherwise smooth process an incredibly frustrating experience. Being aware of the challenges beforehand ensures you glide through the application process.
1. Failing the Automated Identity Check
It is not uncommon for people to think that taking a picture of your Australian driver’s license or Medicare card is an incredibly easy process. However, the chances of the banking system failing to recognise the image of your ID are quite high, mainly because of the presence of glare or blurry images. To avoid being rejected in the first place, it is best to look for a room with plenty of natural lighting. Ensure that your smartphone’s camera lens is spotless and that the entire physical document is visible on the screen.
2. Facing Address Verification Errors
Moving house is often an unexpected cause of stress when applying for digital onboarding. It is essential to be aware of the fact that the bank might put your application on hold if your current address is not reflected in their credit databases. It is best to type in your address precisely as it is written in your latest bills or government correspondence.
3. Dealing with Timed-Out Sessions
Banks and other financial institutions are taking data security seriously, and the system is likely to shut down the application pages if you leave them idle for long. The frustration of having to recall your details in the middle of the application is likely to cause the system to shut down. It is best to have your Tax File Number, work details, and other forms of identification in place before hitting the apply button.
4. Using Incompatible Browsers or Devices
Some banking sites are heavily optimised for the latest versions of browsers and devices. A frozen screen or an unresponsive submit button might be caused by the device or browser that the user is employing. Using the latest version of Chrome, Safari, or the banking application itself might be the solution to this frustrating tech issue.
5. Selecting the Wrong Account Type
Australians are spoiled for choice when it comes to transaction accounts, high-yield savings accounts, and even joint accounts. Clicking the wrong button during the application process might lock the user into an account with unnecessary monthly account-keeping fees. The user should take an additional five minutes to read the small print regarding the minimum monthly deposits to be sure that the product aligns with the user’s daily financial habits.
6. Missing Important Verification Emails
The application process is never complete until the user clicks the verification email sent directly to the user’s inbox. Automated banking emails are frequently marked as spam and diverted to the user’s junk email folder. When you go to open a bank account with ING or another reliable bank, the user should check the spam folder if the verification email does not arrive in the inbox within two minutes.
7. Getting Locked Out by Complex Passwords
Modern banks demand extremely complex passwords to protect the user’s hard-earned money from cyber threats. The user might be forced to create an extremely complex password and immediately forget it the very next day. The user should utilise a password manager to generate an extremely complex password and safely store it for future banking sessions.
The Future of Seamless Digital Finances
The financial world is constantly improving its technology to make changing banks an effortless process. Taking the time to prepare your personal documents and being aware of these digital pitfalls will ensure that you have access to your new bank without any headaches. In the future, technology will allow these minor headaches to disappear altogether. Until then, it is worth it to be in complete control of your money!