Battle to Onboard 2022:

The Growing Power of Consumer Demands

There is no "single Europe" when it comes to attitudes to onboarding


It took a global pandemic, but the futurists that predicted a workplace revolution have been proved correct—even the most reluctant among us have had to embrace digital technologies, remote working, and services at a distance. People now demand a digital experience.

Some parts of our lives are better prepared than others. Across Europe, many providers and countries have been creating digital identity schemes and the supporting infrastructure that will enable remote services—and make meeting Know Your Customer (KYC) regulations simpler.

But with these schemes at different levels of maturity across Europe, we may expect some countries to cope better with this change than others. The more mature the digital identity ecosystem, the happier consumers should be, with fewer abandoning applications for services.

The reality is far messier than anyone could predict. More than two thirds of consumers have abandoned financial service applications in the last year, up slightly from our 2020 Battle to Onboard report, and there is no simple relationship between digital identity maturity and levels of abandonment.

What we are seeing is more nuanced. As digital identity schemes mature, consumers enjoy a better onboarding experience. As a result, they demand more. We have described this as the “expectation paradox”.

The 2022 Battle to Onboard report tells us:

  • More mature digital identity schemes can lead to consumers being more demanding, and less likely to tolerate a bad experience.
  • Privacy is a growing concern for consumers. The financial services industry is unique in its demands for customer data to meet regulations, and it needs to do better at allaying concerns.
  • Local knowledge is key. Providers need to work with partners with local expertise, helping to navigate what makes each market unique.

Europe is a fascinatingly diverse continent full of unique cultures and quirks, as well as different laws and regulations. This is reflected in its attitudes towards financial services—there is not one single European approach for verifying a customers’ identity for onboarding, but many different markets, refusing to conform to a single standard.

Financial service providers that tailor their onboarding experience to meet the nuanced demands of consumers will reduce abandonment and boost customer acquisition—digital identity is key, but also just a part of the puzzle.

Schedule a chat with an identity expert to learn how we can solve your onboarding challenges

Key Findings