Society & Lifestyle

41% of Europeans couldn’t access financial services during lockdown

The company has surveyed more than 4000 consumers

financial services

41% of Europeans couldn’t access financial services during lockdown. Source:

According to Signicat, 41% of European consumers have been unable to access financial services due to lockdown restrictions and lack of access to digital options.

Bank branches’ closures and movement limitations forced many consumers to shift to online and mobile channels, but a large number have found this impossible.

Besides, 2/3 of respondents believe COVID-19 is a catalyst for 100% digital onboarding.

70% of people surveyed had an account with a digital-first financial service provider such as a challenger bank. At the same time, 69% of those considered it to be better than more traditional services.

Our regular research into consumer attitudes around digital onboarding has found that financial services have struggled to keep up with consumer demands in the later years. One of the effects of the pandemic has been to bring this into sharp focus, turning a desire for digital services into a desperate need. Consumers expect to be digital customers which are, according to big banks, 2-3 times more profitable and more loyal than branch-only customers
Asger Hattel, CEO, Signicat

We’ve reported that 38% of Brits abandon a purchase at least once a week, whereas 21% claim to do so more regularly.


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