With the European elections in June 2024, we listened to the heartbeat of Europe - its consumers. We asked 7,300 Europeans* what they want for the future of Europe. The message is clear: Europeans want more choice, better outcomes, and additional innovation and competition.
🥊 More competition in financial services
44% of European consumers told us they want more options for their fintech, payments or banking services (up to 52% in Italy and 70% in Spain). Younger generations aged 18 to 34 are most likely to want more choice in their financial lives.
Klarna's Take: Choice is great if you have many exciting options to choose from. Europe must promote an ecosystem where local businesses can continue to innovate. Because competition is the best way to bring down costs for all.
📲 Pushing for mobility in banking
One third (31%) of Europeans admit they don’t know or never made a switch to another banking provider. It shows that barriers to true data mobility in Europe still exist. This sentiment is particularly strong in France (38%), the Netherlands (40%) and Sweden (42%).
Klarna's Take: Europe needs to fight the lock-in effects that reduce competition. It needs to make it easier for Europeans to switch providers and access the services that they want.
🤖 Artificial Intelligence
As AI becomes part of our daily lives, we can’t ignore its implications on society. European consumers indicated fraud and misuse of AI (65%), privacy and data protection (55%), and transparency of AI (40%) as their top three concerns regarding AI. The potential impact on the job market comes in at fourth place (36%).
Klarna's Take: Europe shouldn’t only regulate but also actively encourage the adoption of AI in ways that benefit society. This includes providing Europeans with the necessary skills and training to prepare them for the changes AI will bring.
💸 Championing European-based SMEs
Four out of five (80%) Europeans believe it's crucial to back European-based SMEs and startups. In Spain (92%) and Italy (88%) supporting homegrown businesses is even stronger.
Klarna's Take: Europe's future depends on how it can compete on the global stage. It must support the growth of local businesses and entrepreneurs, supercharging an environment where innovation can flourish.
🧑💻 Dominance of Big Tech
Two thirds of European consumers (66%) are concerned about the market power held by US and Chinese Big Tech. They fear that power affects competition and consumer choice in Europe. This concern is stronger with 55+ year old respondents (72%).
Klarna's Take: Large tech companies charge hefty fees on companies, startups and developers, impacting them like a tax. Europe has to enforce competition rules to make sure every business has a chance to compete fairly.
🌍 Our vision for the Future
In the next 5 years, we call on Europe to give consumers a better deal by supporting the digital transformation of financial services. This can be done by making it easier to switch banks, further supporting business owners and promoting competition.
Read more about our thoughts for Europe in the EU Pink Deal.
*Online survey conducted by YouGov across 7 countries (France, Germany, Italy, the Netherlands, Sweden and Spain), including a minimum of 1,000 respondents in each country. In total, 7,322 consumers participated between March 19-26, 2024.