79% of financial services providers are prepared for AI-initiated applications, but only 14% of consumers are comfortable with AI applying for financial products – research
Based on independent research among 4,050 consumers and 450 financial services decision-makers across nine European markets.
Financial services providers are preparing for a future in which AI agents open accounts on behalf of customers, but consumers are far from ready to hand over control. New research from Signicat, the European leader in digital identity and fraud prevention solutions, finds that 65% of consumers welcome AI assistance with financial applications, provided they retain control over decisions.
The Battle to Onboard 2026: The AI Reality Check, explores the attitudes, behaviours and perceptions around digital identity, verification and online trust of both consumers and financial service providers (FSPs) across Europe as we enter the agentic AI era. It also examines the state of digital onboarding today, finding that 60% of European consumers have abandoned an online financial application, compared with 68% in Signicat’s 2022 report.
“It is startling that years of digital investment have not significantly lowered the percentage of abandoned online applications,” said Dr Leda Glyptis, Board Chair at Bourn AI. “That means as an industry we are not listening to consumers properly, nor understanding their red lines. This gap, where we haven’t listened enough up until yesterday, is where today’s opportunity lies.”
Key findings include:
- Onboarding issues persist: 60% of consumers report abandoning an online financial application in the last year. Although down from 68% four years ago, consumers cite the same problems, such as excessive information requests and lengthy processes.
- Identity is a ‘red line’ for AI onboarding: Only 15% would trust AI to use their digital identity to verify who they are to the bank, and 14% would trust AI to sign contracts on their behalf to open an account.
- Provider readiness for AI is running well ahead of consumer acceptance: 79% of providers are prepared for AI-initiated applications, while just 14% of consumers are comfortable with AI opening a financial product on their behalf.
- Consumers are using AI but trust is highly dependent on risk: When asked what tasks they would trust AI with, most cited recipe creation (42%) or drafting emails (38%). Only 8% would be happy with AI making high-value purchases on their behalf, and 19% would let AI make smaller purchases.
- Today consumers want a copilot, not an autopilot: While 65% prefer AI to assist with financial applications, from providing information to preparing applications for approval, only 11% want AI to complete the application on their behalf.
- Financial providers have a significant trust advantage: Consumers are almost twice as likely to trust financial providers (44%) than AI providers (23%) to keep their personal data safe, potentially giving FSPs an advantage in AI-driven finance.
The research also found that digitally advanced markets are not necessarily those most willing to embrace an agentic AI future. Despite Norway leading Europe in digital ID preference, it is the market least comfortable with AI opening a financial product on a consumer’s behalf (79% not comfortable). Finland (78%) and Sweden (73%) follow a similar pattern. 69% of UK consumers are not comfortable with AI opening a financial product on their behalf.
“The gap between provider expectations and consumer comfort with AI is an issue that financial services have faced many times before, from online banking to contactless payments,” said Emma Bauer, CPO at Signicat. “The rise of chatbots has also shown us that AI adoption can scale dramatically. How quickly it happens, and which providers are best positioned to benefit, will hinge on building trust and ensuring that people, businesses and AI agents can interact securely and with confidence. That means preparing now, with measures such as real-time fraud prevention and Know Your Agent frameworks.”
Full report can be found here.
____
Methodology
The survey was conducted among compliance/identity decision-makers and consumers in the following countries: Denmark, Finland, France, Germany, the Netherlands, Norway, Spain, Sweden, and the UK.
Consumers (n=4,050) comprised of a range of ages and genders: those who have applied for a financial product in the last 12 months and have a bank account in the country they reside in. Business leaders (n=450) comprised of managers and above responsible for digital customer onboarding, compliance and digital identity verification, from companies that develop and provide financial products or services or enable them to be offered through partnerships, platforms, or embedded arrangements.
The interviews were conducted online by Sapio Research in August 2026 using an email invitation and an online survey.
