Signicat research shows record number of Europeans abandoning financial applications during onboarding

Thursday 31 March 2022 11:22 CET | News

Norway-based Signicat has revealed new research that shows 68% of consumers in Europe have abandoned financial applications in 2021.

The Battle to Onboard: The Growing Power of Consumer Demands, is based on a survey of 7600 consumers across Europe including Belgium, Denmark, Finland, France, Germany, Lithuania, the Netherlands, Norway, Poland, Spain, Sweden, the UK, Estonia, and Ukraine. Consumers were asked to report their experiences and expectations of financial services onboarding in 2021.

Nearly a third (30%) of respondents said that they found the application process ‘complicated’. The average time that a consumer would typically abandon an online application for a financial product was 18 minutes and 53 seconds. This is seven minutes quicker than the 26 minutes on average it took for a consumer to abandon in 2020.

Some of the reasons applications are abandoned are the time to apply (21%), the amount of personal information required (21%), and changing their mind (21%). 38% of respondents report abandoning an application for a financial product because they did not have the right identity credentials, such as a passport or digital identity.

The report also found that 92% of consumers are concerned about how financial service providers are using and taking care of their data.

Moreover, COVID-19 is still affecting access to services, as 42% of respondents found they were unable to access essential financial services as they were either inaccessible or unavailable digitally. 

To find more about Signicat, check their profile in our company database.

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Keywords: digital onboarding, Signicat, research, survey, financial services
Categories: Fraud & Financial Crime
Countries: Europe
This article is part of category

Fraud & Financial Crime