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How to Reduce Application Drop-offs for Financial Service Providers

Financial service providers are always looking for ways to improve their customer experience. One area where they can make a big impact is by reducing the number of application drop-offs.

In this article, we will discuss some strategies that you can use to reduce application drop-offs and improve the customer experience. We’ll talk about prefilling forms and other effective strategies.

But first, what exactly is application drop-off in the context of financial institutions?

Application drop-off is defined as the rate at which people start an application but do not complete it. For financial service providers, this usually occurs when customers are filling out an online form or application.

There are many reasons why someone may start an application but not finish it. It could be because the process is taking too long, the customer is not sure what information they need to provide or they are simply getting frustrated with the amount of data they are being asked to input.

Whatever the reason may be, one thing is for sure: a high rate of application drop-off can negatively impact your business. A study by Bain & Company found that a mere 5% improvement in customer retention can lead to a 25-95% increase in profits.

So, if you want to improve your bottom line, it is crucial that you find ways to reduce application drop-offs.

Here are 4 strategies that you can use to do just that:

  1. Make the application process shorter and simpler.

If your customers are dropping off because the application process is taking too long or they are getting frustrated with all of the data they have to input, then one solution is to make the process shorter and simpler.

Some ways that you can do this include reducing the number of required fields, using prefilled form fields and offering an express checkout option.

  1. Make it easy for customers to save their progress.

If your customers need to take a break during the application process, make it easy for them to save their progress and pick up where they left off later.

One way to do this is by allowing them to create an account so that their information is saved and can be accessed at any time. You can also send them an email with a link to the form so that they can resume the process whenever it is convenient for them.

  1. Offer customer support throughout the process.

If your customers have questions or need help during the application process, offer customer support. This could include providing a live chat option, having a customer service representative available to answer questions or offering a step-by-step guide to help customers through the process.

  1. Follow up with customers after they submit an application.

After a customer submits an application, follow up with them to thank them for their time and let them know what to expect next. This will show that you value their business and are committed to providing excellent customer service. You can also use this opportunity to ask for feedback so that you can improve the application process for future customers.

Summary

Application drop-offs can be a major problem for financial service providers. But by using the strategies above, you can reduce application drop-offs and improve the customer experience for your business.

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