As millennials continue to interact more and more with banks, communications companies, and retailers on their mobile devices, these organizations must provide a seamless, safe, and frictionless experience. One important piece of any mobile strategy is to make it easy for consumers to apply for new accounts and enroll in new services using a mobile device. According to a recent study, Synchrony Financial customers are more digitally enabled than other shoppers and are increasingly using mobile credit card applications, which are up 114% over 2014.1
We asked our clients about their current mobile strategy, and many businesses are experiencing growth – and challenges – in mobile use for new account opening, and services enrollment. Many applicants abandon the mobile enrollment process mid-stream, resulting in an extremely low completion rate for mobile transactions.
This is not new news. Most organizations have been working on their digital and mobile enrollment strategies for years. They have been trying new things to improve the customer experience and boost conversion rates2. As businesses continue to refine their mobile enrollment processes, they need to be focused on three key principles:
- Easy: asking for very little input from the consumer
- Effective: able to take the small amount of information and effectively resolve and verify the identity to complete the process
- Safe: for both the business and the consumer
The enrollment process should not end with capturing and resolving the user’s identity. It should include fraud prevention solutions to verify that the applicant is in fact who they are presenting themselves to be. It can be challenging for organizations to manage all of the dimensions of these issues effectively.
To learn more about mobile enrollments, check out our recent feature on page 22 in the BAI Banking Strategies Executive Reports.
Aaron Kline is Director of Innovation and New Ventures at ID Analytics, LLC.