Digital Onboarding - A Benchmarking Assessment of Untapped Value Potential for European Retail Banks

Executive Summary

Sales conversion and cart abandonment are a challenge across all channels and industries, including financial services. Abandonment at different stages in the banking sales funnel, for example, is estimated to range between 67% and 80%, which highlights the potential value destroyed by clients leaving the onboarding journey. Getting the onboarding journey right is critical, as onboarding is often the first touchpoint that shapes a customer’s initial impressions of a bank. As such, it might influence their long-term satisfaction and loyalty, as well as impact future cross-selling opportunities.

Based on this understanding, Arkwright and Arkwright Digital completed a study of nearly 200 onboarding journeys of retail current account openings and credit card applications at European banks, evaluating current performance as well as identifying trends and potential optimization, highlighting best practices and room for improvement in the field.