The challenge of on-boarding new customers
40% of consumers abandon banking applications
Whitepaper: The battle to onboard
Why 40% of consumers abandon banking 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? And what needs to change to improve conversion
We found that:
- On-boarding is frustrating and time consuming
- Customers regularly abandon applications and this is increasing
- Consumers do not want to be forced offline
- 55% of respondents would be more likely to apply for a financial product if the
process was 100% online
Download our report to learn more about this research and recommendations to improve customer on-boarding.