Today Instantor, the second fastest-growing Swedish FinTech, who makes tough calls easy within credit risk management presents How to leverage trust and improve conversion through digitalisation, a report that demonstrates how digitalisation is a critical factor to build trust today and drive business.

The complete implementation of PSD2 in the European Union means that new players will have access to transactional data from bank accounts, after the consumer´s consent; yet, this has raised concern among consumers. “In the current context of open banking and PSD2, trust in the Financial Services industry is more crucial than ever”, highlights Raiha Buchanan, CMO at Instantor.

Brand recognition, history, and asset size are not indicative of consumer trust any longer, the Instantor´s report unveils. The largest European retail banks in terms of total assets, present the lowest trust scores across 16 countries. In average 2.2 on a scale from 0 to 10 in Trustpilot. Poor customer service and long processing times are the cause of great dissatisfaction.

According to Instantor´s report, the highest rated players are consumer lenders and only-digital banks who have a fully online onboarding process and prioritise reliability and user experience. The positive reviews with an average score of 9.5 for consumer lenders and 8.8 for only-digital banks on a scale from 0 to 10 in Trustpilot, emphasise the importance of smooth, easy and fast experiences.

Online reviews and ratings services are readily accessible through dedicated sites such as Trustpilot, Facebook or Google. “Today online reviews can make or break a business: one bad review in a forum can have a significant impact on sales. That is why we see digital trust as the new currency in the industry”, Buchanan analyses. 

Instantor´s report found that 54% of Europeans who use mobile banking say they do it for the convenience. “By producing this report, we aimed to understand what trust means today. In contrast to what it meant in the past, it now has to do with convenient digital services”, Buchanan concludes.