comScore, Inc. (Nasdaq: SCOR), a leader in measuring the digital world, today announced the results of a new study conducted with Forrester Research, Inc. (Nasdaq: FORR) that examined consumer motivations in abandoning applications for online financial products, including checking accounts, savings accounts, credit cards, auto insurance, brokerage accounts, mortgage loans, home equity loans, and personal loans. The study, which revealed that 54 percent of online financial product applicants abandon applications prior to submitting, examines some of the reasons why these abandoners chose not to complete the application online. The study was based on behavioral data from comScore’s panel of more than 2 million people worldwide, plus an email survey of 568 applicants who had abandoned an application for a financial product online.

Of those who initiated an online financial application but did not submit it, 49 percent said that they had no intention of completing the application. This percentage was higher for deposit product applicants (58 percent) and substantially lower for credit card applicants (32 percent). The top reasons cited by those who did not intend to complete the application included:

  • Wanted more product information (23 percent)
  • Not ready to apply (19 percent)
  • Wanted to see if they qualified for the product (14 percent)

Those who started an application with the intention of completing it, but who ended up abandoning the application cited the following reasons for not completing the application:

  • Changed their mind about applying online (12 percent)
  • Had privacy/security concerns (11 percent)
  • Wanted to speak to a sales person regarding the product (11 percent)

“As more consumers research and purchase financial products on the Web, the importance of understanding application abandonment will increase,” said Forrester Research Senior Analyst Brad Strothkamp. “This study provides clear evidence that today’s financial services sites have a ways to go at both understanding and solving this important issue.”

The report, “Why Financial Shoppers Abandon Online Product Applications,” is currently available to Forrester RoleView clients and can also be purchased directly at,7211,43143,00.html