Digital Identity in the COVID-era

The ongoing effects of COVID-19

The effects of the pandemic have touched every industry and every business. And like many others, financial services providers have had to adapt to the changing digital needs of consumers.

As might be expected, financial service providers that have a strong digital offering are better positioned to serve their customers now and beyond the pandemic.

%

thinks that Covid-19 has changed banking permanently

16% states that the priority for financial instisutions should be to become 100% digital

Making 100% digital a priority

However, the results also show that universal digital access to financial services are not in place yet.

%

found they were unable to access essential financial services as they were either inaccessible or unavailable digitally

%

do not think that their main financial provider has done enough to make sure they could use their services over the last 18 months

Belgium had the highest percentage of respondents unable to access, at 59%. The Netherlands, France, and Ukraine all also had over half of respondents having trouble. The markets with the least difficulty in meeting their customers’ needs, Sweden and Norway, are both leaders and pioneers in digital identity. Sweden’s mobile BankID has near 100% adoption and is widely used for peer-to-peer payments, in-app authentication and tax refunds. Norway’s BankID, created in collaboration between different banks, is used to interact with financial and government services, similarly well-used.

The last couple of years with the pandemic have boosted digitalisation. Video meetings and work from home, which used to be for a limited number of people, are now a commonality. People expect to do everything digitally, and they become more and more demanding regarding the user experience. This may another reason for the increasing abandonment rates. The user experience has not become worse, but it has become a lot harder to keep up with users’ expectations.

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Country Facts