Financial institutions lose EUR 5.7 bln annually due to poor onboarding

The analysis by P.A.ID Strategies for Signicat shows that this year’s report was the worst for the industry since it debuted in 2016, with 63% of consumers in Europe abandoning financial applications in 2020. This is a sharp increase of 23% from the abandonment rate in 2019. 

By making conservative estimates of the cost of customer acquisition including advertising, sponsorship and promotion, personnel wages, and customer support—and allowing for multiple applications by the same person, the research conservatively estimates that at least EUR 5.7 billion is wasted each year.