Why Financial Shoppers Abandon Online Product Applications

August 22nd, 2007

Brad Strothkamp

With contributors:

Brendan McGowan , Catherine Graeber

Summary

Online application abandonment is one of the major challenges facing today's eBusiness executives. And as the number of consumers who shop online for financial products continues to grow, so does the importance of the issue. What can financial firms do? To find out, Forrester teamed up with comScore to understand why consumers abandon applications, whether there are any differences between abandoners themselves, and what can be done to improve completion rates. Results reveal that a large portion of applicants start the application with no intention of completing it, that privacy and security issues stop those abandoners who did intend to apply, and that functions such as save and retrieve — in conjunction with targeted incentives — could help boost completion rates.

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