Compete, Inc.'s Latest Spark! Reveals Seven Out of Ten Consumers Who Abandon Online Financial Applications Could be Persuaded to Complete Them Online; $6 - 7 Billion in Abandoned Online Financial Applications up for Grabs Each Year.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- Compete, Inc. today announced the findings from its latest Spark! research advisory, "Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Providers: Creating New Relationships Online." While 14.2 million consumers start an online application each month, only 4.2 million complete the application online. Compete's findings reveal an enormous opportunity for financial services providers and marketers among consumers that are initiating applications at leading auto insurance, credit card deposit account or home loan websites. "When financial services consumers begin the online application process, they are making the initial commitment to start a new financial relationship," said Mike Bailey, managing director at Compete. "Consumers' expectations are reasonable, and if marketers can offer a clear, safe and well-designed online application process, it will allow them to tap into the nearly $7 billion in revenue available in abandoned applications." The focus of the Compete study was to understand why consumers who are sufficiently motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo to start online applications abandon them and how to encourage more of these consumers to complete the process. Of the 81 million consumers who abandon the application process, many still believe an online application is more convenient than applying either by phone or in person. Moreover, the majority of "abandoners" say they can be convinced to use the online channel if marketers take the right approach. Financial services providers have a tremendous opportunity to persuade and influence those consumers most engaged in the buying process, but not yet sold - those who start and then abandon the online application. Less than a third of all abandoners outright reject the online path, meaning that savvy marketers still have an opportunity to persuade 70% of abandoners to complete the application online. Online applicants who abandoned the process identified a lack of transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. in the application process, concerns over security and privacy protection and a poorly designed online experience as the top three reasons for online application abandonment. Additional key findings include: --Planning ahead: Compete found that the 60% of consumers who go on to complete the online application begin the process with the specific intent of opening a new account. --Snap decision: 36% of consumers who complete the online applications, started with the intent to learn more about the product, but decided along the way that the time or offer was right. Download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. this latest Spark! online at http://www.compete.com/research/spark/ Sign up to automatically receive Spark! at http://www.compete.com/contactUs/ About Compete, Inc. Compete, Inc. extends online market research to transform the way consumers and brands communicate. By combining permission marketing, predictive analytics Predictive analytics encompasses a variety of techniques from statistics and data mining that process current and historical data in order to make “predictions” about future events. and the industry's largest consumer behavior database, Compete helps marketers identify and reach their target consumers. Compete delivers conversant CONVERSANT. One who is in the habit of being in a particular place, is said to be conversant there. Barnes, 162. marketing solutions that increase profitability and customer loyalty and result in measurable and effective marketing programs. Compete delivers these solutions to leading brands such as Carlson Carl·son , Chester Floyd 1906-1968. American inventor of the xerographic process for copying documents (first patented in 1940). Hotels Worldwide, DaimlerChrysler, Hyundai Motor America, Teva Neuroscience neu·ro·sci·ence n. Any of the sciences, such as neuroanatomy and neurobiology, that deal with the nervous system. neuroscience the embryology, anatomy, physiology, biochemistry and pharmacology of the nervous system. , and Upromise(R), among others. Compete is headquartered in Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New , with offices throughout the US. For more information, please visit http://www.compete.com. |
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