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European consumers unable to access financial services during lockdown, Signicat study

Tuesday 7 July 2020 12:59 CET | News

41% of consumers across Europe have been unable to access new financial services due to pandemic lockdown restrictions and lack of access to digital options, according to Signicat research.

The research of over 4000 consumers also discovered that two-thirds expect improvements following these poor experiences. One of these improvements should be 100% digital onboarding of customers.

When asked what they thought of financial service providers that didn’t allow remote digital onboarding without the need to visit a branch, only 20% were understanding of this limitation, while a third couldn’t see why fully digital onboarding wasn’t possible in 2020.

Two thirds of respondents saw COVID-19 as a catalyst for 100% digital onboarding with only 14% disagreeing, saying that they did not expect financial service providers to be more digital due to COVID-19. 

The research is part of the fourth instalment of Signicat’s regular Battle to Onboard report, which covers attitudes to digital onboarding more broadly and is due to be released later in 2020.

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Keywords: Signicat, digital onboarding, digital identity, lockdown, digital banking, financial services, digital onboarding, study
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Europe
This article is part of category

Securing Transactions