Money Seekers Dump Applications Online
Out of those who apply for various financial services online, 54 percent are thought to abandon the process before it is completed.
The information people want about financial products tends to be hidden behind application processes on such websites. People who would like to see those details have no choice but to go through the process.
This may help the consumer, but it plays merry hell with the conversion rates. ComScore and Forrester Research looked into the issue of finance and abandonment, and found the devil in the details.
49 percent of applicants in their survey had no intention of completing an application process. That group cited a few reasons for why they entered a process on a financial website:
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)
Forrester Research Senior Analyst Brad Strothkamp said of the conversion problem, "Today’s financial services sites have a ways to go at both understanding and solving this important issue."
There is an object lesson here for site publishers. If people enter a conversion process, then abandon it, and do so in sufficient numbers, it probably means there is a piece of information that belongs in a FAQ or help section that visitors wish to find.