The UK and Germany are outperforming the rest of Europe when it comes to online bank account opening, a new report has revealed.
The research, from identity confirmation provider HooYu, surveyed banks in the UK, France, Germany, Italy, Spain and France to gain insight into account opening processes.
Whilst all of the banks reported a decrease in branch-led account opening, the UK and Germany have seen their online customer acquisition channels grow significantly faster than their European peers.
The report found the percentage of online account openings in Germany and the UK is over twice as high as the amount of customers embracing online in Spain, with 40 per cent of German customers and 38 per cent of UK customers opening new accounts online compared to just 19 per cent of Spanish customers. In France, just 21 per cent of accounts are opened online, whilst in Italy the trend is slightly higher at 23 per cent.
The digital divide between European banks is, according to HooYu, in part due to the availability of identity verification databases in the UK and Germany that can support online account opening, whilst countries such as Spain, France and Italy do not have database identity checks.
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