63% Of European consumers have abandoned financial applications in 2020, Signicat’s market research reveals
Digital onboarding needs urgent attention. Overnight, COVID-19 divided financial institutions into two groups: those capable of digitally onboarding customers and those that wished they had invested more heavily in onboarding before. Traditional providers are falling behind, and consumers are losing patience and walking away.
The research reveals:
• European financial institutions lose almost two thirds of applicants during onboarding —23% more than 2019 figures.
• 41% of European consumers have been unable to access new financial services due to lockdown restrictions and lack of digital options.
• 68% of consumers expect fully digital onboarding in the wake of COVID-19.
• 36% of Gen Z feel the onboarding process is longer than they expected, and banks are losing them as a result.
• Far more consumers are now using a mobile-first financial service, up from 30% in 2019 to 47% in 2020.
The 4th edition of Signicat’s Study, “The Battle to Onboard 2020: the impact of COVID-19 and beyond” is based on a survey of 4,000 adults across Europe and addresses the fundamental question of what consumers think and expect about onboarding. Join the virtual launch where leading identity experts discuss which countries perform best (and worst) when it comes to onboarding, how the pandemic has transformed consumer expectations, and the different generational attitudes to onboarding.
Register for the webinar, scheduled November 19th.”