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 11 percent
of consumers abandoning online applications wanted to speak to a
sales person regarding the product.
As consumers continue to utilize
the internet in greater numbers to purchase financial services
products online, there is a critical need to understand why more
than half of online applicants abandon the application process
midstream.
In a recent study of behavioral data from a panel of more than 2
million people worldwide, plus an email survey of 568 applicants
who had abandoned an application for a financial product online,
comScore and Forrester Research, Inc. found that 54 percent of
online financial product applicants abandon applications prior
to submitting.
Of those who initiated an online financial application but did
not submit it, 49 percent said that they had no intention of
completing the application. This percentage was higher for
deposit product applicants (58 percent) and substantially lower
for credit card applicants (32 percent). The top reasons cited
by those who did not intend to complete the application
included:
- Wanted more product information (23 percent)
- Not ready to apply (19 percent)
- Wanted to see if they qualified for the product (14 percent)
Those who started an application with the intention of
completing it, but who ended up abandoning the application cited
the following reasons for not completing the application:
- Changed their mind about applying online (12 percent)
- Had privacy/security concerns (11 percent)
- Wanted to speak to a sales person regarding the product (11
percent)
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