In the context of unprecedented operational and organisational challenges linked to the global pandemic, the financial sector has accelerated digital transformation. One of the ways to increase customers’ satisfaction and facilitate internal processes is to adopt digital client onboarding and implement electronic signatures.
To evaluate the Luxembourg market situation in these fields, the ABBL, in cooperation with Deloitte, has conducted a market study with its members, who provided valuable information on their level of knowledge, ongoing projects, and status of adoption of these two digital improvements for day-to-day business.
Even though most of the respondents are in the process of implementation analysis or have already adopted digital onboarding and electronic signature, they note several obstacles in their projects, such as:
- Lack of appropriate solutions available
- Difficult integration with legacy systems
- Ambiguous legal framework
For almost 20% of respondents, the added value of digital onboarding remains unclear, and the necessity for adoption of electronic signatures vary depending on the client type. The survey report focuses on the awareness level, perceived implementation necessity, solutions in use and the accelerators.
You will find the highlights of the survey report here and the detailed report on the ABBL MemberNet.