Why do 40% of consumers abandon applications?
Financial organizations spend a massive amount of money attracting new customers, and encouraging existing customers to apply for additional services. Poor on-boarding is undermining the work they are doing to attract customers at the last hurdle, impacting the sales of new products and ultimately reducing revenues. Put simply, if banks continue to make it difficult for consumers to apply for services, they will not.
We wanted to separate fact from anecdote and commissioned an independent survey of 2000 consumers to explore experiences of applying for financial products with traditional banks.
How long does a typical application take?
Is it a positive or negative experience?
Do they have existing credentials which could accelerate the process?