According to a study conducted by Signicat, more than 1 in 3 (39%) of abandonments were due to the length of time taken and just over a third (34%) were because too much personal information is required. The number of abandoned applications has increased from 26% on average to 45% in the last year.
The research found that, on average, respondents submitted 1.7 financial applications in the last 12 months. 84% of all applications were for bank accounts, credit card, insurance or savings accounts. The average time taken by all respondents was 18.45 minutes.
Respondents with positive experiences had a far quicker on-boarding journey than those with negative experiences. In fact the average time for the negative proportion was almost twice the overall average at 34.71 minutes.
When asked if a 100% online process, including identity verification for KYC, would encourage more applications, 55% of all respondents said they would be more likely to apply. Over half (52%) would buy additional services if paper-based identity was not needed.
Consumers want to move to digital and they want to be able to verify their identity online. The data shows that 97% of consumers have access to either a driving license, passport or utility bill that could form the basis of a digital identity, reducing the requirement to present personal information physically, accelerating the on-boarding process.
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