According to a report by the electronic identity provider Signicat, fewer and fewer Europeans are satisfied with banking apps . This trend became particularly pronounced in 2020, when the Covid-19 pandemic hit the continent hard.
Consumers do not hesitate to abandon apps
The study, conducted on a sample of 4,000 adults in seven European countries—Sweden, the Netherlands, the United Kingdom, Finland, Germany, Belgium, and Norway—reports that in 2020, 63% of Europeans stopped using their online banking app, compared to 38% in 2019. At the same time, the number of users relying solely on mobile banking services jumped from 30% to 47% in a single year, and 69% of these consumers reported being happier with this system than before.
It’s primarily the integration process with online banking apps that bothers users. 38% of them find these steps longer than expected, while 26% consider them difficult. Finally, 69% of users ” believe that mobile service providers are better than more traditional providers .”
Covid-19 and Generation Z
“ Covid-19 also means that consumers are being pushed to work harder on their finances, increasing the potential for closer engagement with their financial service provider. But it also means more time and opportunities to shop online ,” the report explains. As a result, 41% of respondents were unable to access essential financial services during the pandemic, and 68% believe the current crisis will bring about a fundamental shift, leading to the introduction of a fully digital onboarding process.
New fintech services already offer fast and simplified digital services compared to traditional banking apps. As a result, they are much more likely to appeal to young people.
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