On the other side of that, there is such thing as too much friction.
Shortly before BBVA closed them, I was in a back-and-forth to open an account with Simple.
First, my ID was too shiny, then it wasn't black and white, then it wasn't color, then they wanted a picture of my apartment building, then ...
it was just on and on and on for three weeks. It got to the point where I asked what exactly they wanted and they literally told me that they cannot tell me because it would allow me to commit fraud. I asked if I could talk directly to their fraud team to figure out what exactly: nope. Can't do that, they can't talk to you.
So I was expected to either read their minds or play infinite whack-a-mole with them where they say one thing in one email then say the opposite in the next.
Yes, no problem with that. Eventually a long standing established digital identity is needed. Provided by anyone, state, bank, etc. Opening a new one should be easy though, but risk assessment should be done at every step (as the account gains new trust in whatever system).
Shortly before BBVA closed them, I was in a back-and-forth to open an account with Simple.
First, my ID was too shiny, then it wasn't black and white, then it wasn't color, then they wanted a picture of my apartment building, then ...
it was just on and on and on for three weeks. It got to the point where I asked what exactly they wanted and they literally told me that they cannot tell me because it would allow me to commit fraud. I asked if I could talk directly to their fraud team to figure out what exactly: nope. Can't do that, they can't talk to you.
So I was expected to either read their minds or play infinite whack-a-mole with them where they say one thing in one email then say the opposite in the next.