The digital onboarding state of banks in Europe


In the past years, banks have focussed on providing delightful customer experiences through different channels. With the disruption caused by the FinTechs, banks realized the importance of being able to serve their customers effectively and efficiently above and beyond the banking journeys. Digitization of payments, lending, personal finance, and international transfers are a few of the examples where banks have been able to provide value to their customers and build an engaging relationship. But, the very first step that the banks are yet to build is the ‘Digital onboarding’. Digital onboarding is the practice of signing up for a bank account or other banking service entirely online or via mobile.


To get a clear picture of the current status of Digital in Europe, Mobiquity has performed research on the digital onboarding capabilities of European banks spanning Austria, Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, Switzerland, and the UK. We have researched 100 banks and selected approximately 10 banks per country equally divided on large (€100bn+), medium (€10bn+), and small (<€10bn) scale banks based on the asset size.


Before sharing our findings, let’s first define when to classify an onboarding as ‘fully digital’. Many banks give the possibility of providing the required input through an online or mobile form but they still require the prospect customer to arrange an appointment at a branch to identify or sign a contract. We define onboarding to be ‘fully digital’ when the whole process of becoming a client and opening a product can take place from the convenience of the home. The scope of our research focused on the possibility of digitally opening a current account for retail customers and opening a basic business account for a multi-director small or medium enterprise.

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