European financial institutions losing almost 40% of applicants during digital on-boarding
· Study of European consumers reveals no real improvement in reducing abandonment rates since 2016, despite huge investment in digital technology
· This investment means consumers are finding applications easier to complete than last year—but report more on-boarding “pain” than in 2016
· Institutions are stuck in a “Red Queen Race”—increased consumer expectations mean they need to run fast just to maintain the status quo