12 September 2007
According to a new survey more than half the people who apply for online for financial services abandon the process before completion.
The survey produced by comScore suggests a possible reason for these abandonments are due to consumers wanting to find out details about the services on offer, but the information is hidden behind the application process.
The study collated data from a panel of more than two million web users worldwide, as well as an email survey of 568 people who had abandoned an online application for a financial product. Other reasons for abandonment were that more product information was required, people were not ready to apply and others just wanted to find out if they qualified for the service.
Providing customers with all the information they need before they get to the application process is a must. It is also a good idea to provide links to FAQ or help sections so that if any questions arise during the process customers can find the info they need without abandoning the application. All this information needs to be available online therefore financial websites need to address the abandonment issues by reviewing the content and functionality.
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