Lengthy application processes are the number one frustration felt by more than half (51%) of UK adults when applying for financial products and services.
Our research found that being asked to provide further information or documents in addition to those already provided during the initial application process (42%) was also a key frustration, with more than one in five (22%) stating they would abandon an application if asked to do this.
The findings highlighted the top frustrations prompting customers to pull out of an application. It is clear that two out of five (40%) of adults were deterred by long application forms, putting them off completing the processes altogether.
Waiting too long for the application form or payment to be processed is also often enough to prompt more than one in three (34%) to abandon the process.
But the main reason, for actually abandoning an application was poor customer service and poorly designed customer technology (46%). The research highlights the challenges faced by financial services providers when it comes to online transactions. Many have processes in place to protect customers, for example, from the threat of fraud when making online transactions.
Processes have a big impact on the customer journey, leaving many unhappy with the service they are getting. When applications take longer, this is usually due to identity verification measures that are there to protect both the business as well as customer from fraud.
The increase in the use of online and mobile channels rather than face-to-face contact has made identity checks a vital part of the process. With increasing competition in the financial services industry, a faster, more streamlined identity verification process, where the identity can be electronically verified and supporting documents are validated immediately online, is the only way forward for providers, otherwise there’s clearly a risk of losing customers.
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