Brand loyalty is decreasing as consumers show a willingness to jump ship in search of the easiest application process. Established financial service institutions can no longer rely solely on consumer trust in an industry that seems to be disrupted daily by the latest tech solutions from challengers and start-ups.
In fact, application abandonment rates are rising as consumers demonstrate their willingness to switch brands for the quickest and simplest digital on-boarding experiences. How can you keep up without sacrificing your risk management processes?
Image: Christa Dodoo
As we explored in earlier posts, 52% of applicants abandon the on-boarding process due to slow decision-making, redundant information fields, and other inefficiencies. While solutions are available, finding the right partner for your business is critical for long-term success.
Choosing a Digitalisation Partner
Financial organisations need a fast way to digitalise and automate customer application flows, for example by replacing a physical, paper bank statement with a digital one. Not only does this streamline processes, but it decreases abandonment rates as consumers find the application process smoother.
New products are cropping up overnight, so how do you choose the right partner for your business?
It makes sense to choose a partner that already has integrations with most banks and experience in the markets relevant to you. While today you may only be looking for a solution to digitise your KYC processes, tomorrow you might be looking to compliment more complex financial issues. Because of this, it’s vital to choose a partner with continuous product development at the forefront of their industry.
With valuable experience working in four continents, Instantor has a track record of working with lenders of all sizes to streamline processes and enhance profitability. We help financial organisations like yours compete in an increasingly complex digital world. But a track record is nothing without the right solution.
Instantor’s solutions, leveraging years of experience in risk management augmented by innovative machine learning techniques, help consumers and the financial ecosystem better communicate through digitalised financing processes. Your customers will enjoy an easier on-boarding experience, and your business will see lower abandonment rates and increased acceptance while maintaining adherence to KYC and AML.
Meet Instant Access
With little effort, Instantor’s Instant Access can be easily integrated with your current workflow. As a hosted solution, we take on the effort of maintaining the pages and send you the data we collect on your behalf in a human-readable PDF. Instant Access offers strong identification factors like Social security number, address, phone number, email address and other KYC data. Moreover, through internet banking strong identification empowers customers to verify themselves.
Instant Access is a perfect solution for online and digital lenders, as well as other financial institutions with a personalised approach to making financial decisions. Without heavily investing in your in-house technical capabilities, your company can offer a professional platform with state-of-the-art UX for applications with minimal internal effort. It’s a swift, easy first step into digitalising your loan application process and increasing digitalisation across your organisation.
Position your business more competitively in today’s digital world. By partnering with Instantor, financial institutions can reap the benefits of digitalised on-boarding without adding risk.
Learn how Instantor’s Instant Access can reduce risk, increase acceptance, and minimise application abandonment.