Signicat Finds European Financial Institutions Lose Over €5bn Yearly to Poor Customer Onboarding

The analysis follows the release of Signicat’s regular report into the state of financial services onboarding, The Battle to Onboard 2020. This year’s report was the worst for the industry since it debuted in 2016, with 63% of consumers in Europe abandoning financial applications in the past year. This is a sharp increase of 23 percentage points from the abandonment rate in 2019. To understand the financial implications of such a high abandonment rate on institutions’ cost of acquisition, Signic
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