According to new research from Encompass Corporation, the corporate digital identity firm, 85% of organisations are actively considering a move to digital-first banks in search of a more seamless onboarding experience.

The results of the new survey show that almost 9-in-10 (86%) of organisations reported losses as a direct result of lengthy or complex onboarding journeys at their bank.

Meanwhile, 83% of organisations have considered switching banks in the past year due to manual processes and repetitive compliance demands, with 92% of organisations saying they’re repeatedly being asked for the same information.

84% of the 250 corporate treasurers who responded expressed specific frustration with their existing Know Your Customer (KYS) experience, which helps to verify the identity of customers and assess their risk profile.

“Legacy systems and fragmented workflows are costing institutions more than operational inefficiency—they are costing client trust, revenue, and long-term growth,” said Wayne Johnson, CEO and co-founder of Encompass Corporation, on the firm’s latest findings.

“We are on the cusp of significant industry-wide transformation, and the institutions that will lead this next era of banking are those that embrace corporate digital identity to deliver compliance with speed, accuracy, and transparency,”

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As cyber threats continue to rise, data security is also increasingly under scrutiny, with 83% of corporate treasurers expressing unease about the way their data is being handled, according to the research.

However, despite this concern, only 52% of organisations are currently using secure online portals to exchange sensitive information with their banks—the rest, which is nearly half, leave themselves at significant risk of breaches occurring due to relying on emails and other methods.

“With regulatory complexity increasing and client expectations rising, this research serves as a wake-up call for banks to act decisively as delaying transformation is no longer an option,” Johnson added.