A lengthy application process is the number one frustration felt by 51% of UK adults applying for financial products and services, according to new research by Experian.
The research found that being asked to provide further information or documents in addition to those already provided during the initial application process (42%) was also a key frustration, with 22% saying they would abandon an application if asked to do this.
The research, which looks at the top frustrations causing customers to pull out of an application, found that 40% of adults were deterred by long application form, putting them off completing the application altogether.
Waiting too long for the application form or payment to be processed is also enough to cause 34% to abandon the process. The number one reason, however, for actually abandoning an application was poor customer service and poorly designed customer technology (46%).
Nick Mothershaw, director of fraud and identity solutions at Experian, said: “The latest research highlights the challenges faced by financial services providers when it comes to online transactions. Many organisations have processes in place to protect their customers, for example from the threat of fraud when making online transactions. However, these processes can have a big impact on the customer journey, leaving many unhappy with the service they are getting. When applications take longer, this is usually due to identity verification measures that are there to protect both the business as well as customer from fraud.
“The increase in the use of online and mobile channels rather than face to face interaction has made identity checks a vital part of the process. With increasing competition in the financial services industry, a faster more streamlined identity verification process, where the identity can be electronically verified and supporting documents are validated immediately online, is the only way forward for providers, otherwise they risk losing their customers.”