Shoppers Abandon Online Product Applications
A new study from comScore, conducted with Forrester Research, "Why Financial Shoppers Abandon Online Product Applications," found that 54 percent of online financial applicants abandon applications before they are submitted to a site.
Out of those who started an online financial application but did not submit it, 49 percent said they had no intention of completing the application. The percentage was higher for deposit product applicants (58 %) and much lower for credit card applicants (32%).
The main reasons given by those who did not intend to complete an application include 23 percent who said they wanted more product information, 19 percent said they were not ready to apply and 14 percent who said they wanted to see if they qualified for the product.
Of those who started an application with the intention of completing it, but abandoned the application 12 percent said they had changed their mind about applying online, 11 percent had privacy/security concerns and 11 percent wanted to speak with a sales person about the product.
"As more consumers research and purchase financial products on the Web, the importance of understanding application abandonment will increase," said Forrester Research Senior Analyst Brad Strothkamp.
"This study provides clear evidence that today’s financial services sites have a ways to go at both understanding and solving this important issue."