Photo: Mila Supinskaya Glashchenko

The Battle to Onboard 2020: The Impact of COVID-19 and Beyond

– Signicat

  • Report
  • Posted by Good ID team (Good ID)
  • 13 November 2020

Signicat’s team review the success and failures of European financial service providers to onboard customers in 2020

A survey of customers across the EU to assess the state of onboarding banking customers, concluded that they are abandoning services that provide poor experiences.

“As consumers recover from COVID-19 lockdown and move on from “learned helplessness”, banks and other financial service providers should too. They must shake off complacency, recognise the capability gaps and seek to at least level the playing field between their own and challenger brands. That means 100% digital onboarding with frictionless digital identity that puts them at the heart of new digital ecosystems.”

The Signicat team notes that while customers are no longer accepting poor onboarding experiences, they are turning to banks as trusted brokers of digital identity.

The opportunity to own this space is there if banks are willing to grasp it. People want to use digital identity widely and want to engage with a future of new technology and innovation. However, there are the first signs that this opportunity could be evaporating as younger consumers worry about their data

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