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The initial contact process in any customer journey sets the tone for the relationship between a business and its customers. Yet this critical phase will inevitably have drop out rates. So what can financial services do to reduce them to a bare minimum? We asked our expert data analysts to take us through the key steps.
01.
Bite the bullet
There will always be dropout rates. As soon as the first demanding step comes up, a segment of users will disappear. This is even more evident with low quality traffic acquisition. Simplifying a first step is a quick fix but it’s never a solution as drop out rates simply get displaced to later on in the journey. To survive the bite the bullet stage, setting up the right metrics on the entire digital onboarding journey is key.
02.
Check your Metrics
Metrics are essential to 1/ identify problems and 2/ convince stakeholders to update workflows accordingly. Accurate measurement enables us to detect recurring problems in drop-out patterns for prospects, and to take an ROI-based approach when it comes to designing and implementing alternatives.
03.
Find the balance
… between marketing and fraud. To reduce dropout rates, we can lower the amount of business rules applied.
As QuickSign works exclusively with financial services, compliance can never be overlooked, and fraud is always a looming threat. Increase business rules too much and dropout rates skyrocket, including for VIP prospects the financial service is aiming to onboarding. Reduce these rules too much and fraud risks increase. With over a decade of industrial volumes in production,
QuickSign works with each financial service to strike the right balance between fraud and marketing, ensuring minimal drop out rates without compromising on the integrity of the financial service.
To conclude, dropout rates need to be handled with care. Why are they there? How can they be improved? We believe in looking dispassionately at the facts. Metrics show repeated patterns and enable our experts to work hand in hand with financial services to improve journeys in production. There’s no secret remedy to making dropout rates disappear, but at QuickSign, we’ve built high drop-out rate resilience due to our structure, organization and financial service expertise. Get in touch to find out how we can help your digital onboarding overperform.
Written by Charlotte S.
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