Financial institutions are always looking for ways to reduce application drop-offs. According to a study by Javelin Strategy & Research, almost half of all consumers who start an application for a new credit card or loan never finish it. That’s a lot of potential business that is being lost! In this article, we will discuss six ways to reduce application drop-offs and improve the customer experience.
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Many consumers are hesitant to fill out online applications for financial institutions because of the time and effort it takes. One way to reduce application drop-off is by automatic prefilling forms. This reduces friction in the process, as customers don’t have to enter their personal information again after signing up with an account or logging into a website/app (e.g., Facebook).
Automatic form filling also means less mistakes since there’s no chance that they’ll forget their password or username when they go back later on—which could lead them astray from finishing what they started.
Another way that banks can improve customer experience is by automating the scanning of documents like ID cards and driver’s licence when filling out applications online. This eliminates any need for customers to manually enter their information, which can be time-consuming and frustrating. Automatic scanning also ensures that the documents are readable on both sides of paper (front/back).
Customers don’t always complete forms in one sitting. They may want to take a break or revisit the forms at another time when they’re not too busy. By automatically saving drafts, banks ensure that all customer data will never get lost even if there’s an unexpected power outage.
The automatic save feature also means less chances of accidentally deleting anything important, since it backs up everything before clearing out fields. Customers shouldn’t worry about making mistakes while filling out applications either.
Banks can improve customer experience by automatically saving customers’ progress when filling out applications online. This eliminates the need for them to manually enter relevant data again after signing up or logging into a website or app.
Sending Email Reminders About Application Status
Customers often forget to check the status of their applications, which is why automatic email reminders are so important. They allow banks and credit unions to offer this service without having to spend time sending individual emails every weekday morning at 9 a.m. (or whenever they usually send out automatic reminders).
Sending SMS Notifications About Application Status
It would be very convenient for customers if banks and credit unions can send them a text message when there is any change in the status of their application. Customers won’t have to manually re-enter their info after signing up or logging into a website or app.
Financial institutions are under an immense pressure to grow, and as such, there is a need for constant innovation. One way that can help you increase your customer base is by automating your processes.
To summarise, that includes automating the processes of prefilling forms, scanning documents, saving drafts, saving progress, and sending email reminders and SMS notifications about the application status.