How credit card issuers are tackling application abandonment
Consumers often abandon digital applications that take any longer than a few minutes to complete. So what are banks doing to make their online credit card applications simpler and speedier? Pre-filled applications tapping third-party data are catching on among major issuers, and a live chatbot like the one Bank of America offers to answer questions may become standard practice.
Features to make digital credit card applications shorter, speedier and less confusing for consumers are becoming more common.
Keynova Group has found that top credit card issuers are increasingly taking steps to address abandonment of online applications, including streamlining forms to reduce the amount of information requested and pre-filling forms by pulling consumer’s personal information from third-party databases.
The research firm’s report focuses on website applications from bank card issuers, with a future report planned on mobile applications. Though similarities exist between the two, the approaches used for online and mobile applications increasingly capitalize on the strengths that each digital platform offers — warranting separate analysis — says Beth Robertson, managing director at Keynova.
Mobile devices allow for easy use of scanning, while efforts to make website applications more user-friendly typically focus on minimizing the time and hassle involved by reducing the amount of data entry they require, according to Robertson.
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