It’s no secret that many loan and account applicants get quickly frustrated with online channels and switch either to more expensive channels or take their business elsewhere. For example, only 8% of mobile phone applicants are successful.
With this conversion problem in mind, Fiserv designed new research that involved hundreds of hours of customer observation. The goal was to identify ways that credit unions can improve by answering several key questions, including:
· What consumers most want in their account and loan origination experience
· Why mobile applicant conversion is so low
· What credit unions can do to reduce abandonment and improve the online account and loan opening experience
· How to improve coordination across mobile, desktop and in-branch channels