In 2018, a concerning 60% of consumers in Sweden abandoned their financial applications. What is even more worrying is that this number has been increasing globally over the past few years. For example in the UK, the number of applicants who abandoned applications leapt from 40% in 2016 to 56% in 2018.
Increasing numbers of abandoned onboarding applications is a big issue in the financial services industry and these high rates are likely to continue in the near-term. Therefore, it is important that your business is aware of what is happening and the implications it might have on long-term success. That’s why we have created our new eBook, on how to reduce application abandonment rates.
Our Philosophy and Mission
Here at Instantor, we have the vision to improve financial inclusion throughout the world by providing innovative tech solutions that are faster, fairer and easier for all. Alternative credit scoring and better data processing have helped us to build tech solutions that we can use to solve some of the world’s toughest financial challenges.
Those challenges include democratising the financing system and improving underwriting processes. In order to solve these, we need to be addressing changing consumer demands.
We’re thrilled to be launching this ebook which will provide you with unique industry insights and information on the topic of onboarding. We want to show you why abandonment rates are increasing and most importantly, what you can do about them so that you can stay on top of the latest trends and make your business future-ready.
Inside Instantor’s eBook
Our eBook describes some of the intricate and difficult challenges that the consumer finance industry faces, such as AML and KYC regulations, that can sometimes hinder innovation and growth. We discuss why application abandonment rates are rising and suggest actionable steps that your business can take to combat them.
We will show that it is possible to adapt to changing consumer demands, creating a fully digital solution all while cutting costs and without adding risk.
How to Future-Proof Your Business
Those who adapt quickly will be the ones to succeed in this dynamic and rapidly evolving landscape. By cutting costs without adding risk, there’s no reason to let rising abandonment rates cause detrimental effects on your business.
We hope our eBook is a useful starting tool for you. We thoroughly recommend that you take a quick read to help position your company competitively and proactively to respond to shifting consumer demands. It won't take you more than a few minutes to finish, yet the potential benefits are immeasurable.