$6 - 7 billion in abandoned online financial applications up for grabs each year

While 14.2 million consumers start an online application each month, only 4.2 million complete the application online, according to Compete Inc. Compete’s findings reveal opportunity for financial services providers and marketers among consumers that are initiating applications at leading auto insurance, credit card, deposit account or home loan websites.

If marketers can offer a clear, safe and well-designed online application process, it will allow them to tap into the nearly $7 billion in revenue available in abandoned applications, says Compete.

Top three reasons for online application abandonment:

  1. Lack of transparency in the application process, 
  2. Concerns over security and privacy protection and 
  3. Poorly designed online experience 

Of the 81 million consumers who abandon the application process, many still believe an online application is more convenient than applying either by phone or in person. Less than a third of all abandoners outright reject the online path, meaning that savvy marketers still have an opportunity to persuade 70% of abandoners to complete the application online. 

Additional key findings include:

  • Planning ahead: Compete found that the 60% of consumers who go on to complete the online application begin the process with the specific intent of opening a new account.  
  • Snap decision: 36% of consumers who complete the online applications, started with the intent to learn more about the product, but decided along the way that the time or offer was right. 

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