As interest rates continue to rise, so too do abandonment rates.By creating a better customer experience, you can cut those rates while protecting your business from fraud
Consumer finance has had a rocky start this year. The cost of personal loans continued to rise – albeit at a slower pace compared to previous months – with average rates for £10,000 personal loans nudging up to 6.02 per cent in January from 6.01 per cent a month earlier. In January 2022 rates stood at 3.94 per cent. While this increased rate might seem like good news for loan companies, it has caused a slowdown in the number of loan applications being made.
And that’s made worse by the increase in abandonment rates for digital loan applications. Forbes reports that abandonment rates of fintech applications are rising with customers becoming dissatisfied with digital financial products, especially during onboarding.
“Since the onset of the pandemic, the time that users are willing to spend on these applications has decreased. For example, in 2020, users were willing to spend 26 minutes onboarding to a fintech app. Now, in 2022, that number has been cut by eight minutes to 18 minutes 53 seconds total before a client drops out of the process for good.”
Successfully verifying and onboarding new customers can be a tricky process – but it’s needed now more than ever. The banking industry experienced a 1,318% year-on-year surge in cybersecurity attacks in the first half of 2021 alone. The last thing you need when trying to win new customers is wasting time on fraudulent ones.
APLYiD can help you minimise your abandonment rates and eliminate fraud at the same time – for companies both large and small.
Take Convera (formerly Western Union) – one of the world’s largest non-bank FinTechs in global B2B payments, with capabilities in over 140 currencies across more than 200 countries and territories and 60 global banking partners.
We provided Biometric ID verification: a faster, simpler, better onboarding process for the business and its clients. Convera and APLYiD are now integrating the technology into Convera’s internal systems like Salesforce.
Mark Roberts, National Sales Manager at Convera, said:
“By harnessing APLYiD's technology, we have seen 406% more accounts created due to ease of onboarding. It has been amazing to see this technology in action and how it has enhanced our client experience.”
APLYiD’s technology in Convera’s business has helped the business reach and maintain a 100% compliance record, meeting all its Anti-Money Laundering requirements. And the company has also seen a 100% drop in successful fraudulent applications.
As Forbes says: “AML and KYC are essential to any financial product… but many fintech and traditional finance brands continue to use outdated means to verify the information. Aside from getting the right technology to do this and ensuring the minimum documents required are present, brands should be aware of how this process is presented to the client to make it as user-friendly as possible.”
That’s where APLYiD comes in. To find out more about what we do and how we do it, click here.
The cost of living crisis, competitive landscape and ongoing war in Ukraine are causing major headaches for the legal industryRead more
The new 2023 plate change will come in a volatile, ultra-competitive market. Here’s how to win over those harder-to-reach customersRead more
There are some tiny, fragile signs that the UK Property market is recoveringRead more
The accounting industry is in crisis – but with one simple software tweak it could become a fun, rewarding job once moreRead more
As interest rates continue to rise, so too do abandonment rates. By creating a better customer experience, you can cut those rates while protecting your business from fraudRead more
The entire accounting industry is changing. For some that means new opportunities for growth and diversification; but for others the change can be traumatic.Read more
Watch and learn with our pick of the 14 best YouTube channels to follow if you’re serious about cyber securityRead more
Passwords are hacked with ease, and MFAs are not the answer. Isn’t it time the biggest companies protect their clients and workforce with an identity-based perimeter?Read more
New to KYC? Here’s your at-a-glance guide to the ins and outs of Knowing Your Customer.Read more
The FCA reports that the UK’s top challenger banks still don’t do enough to eliminate identity theft and cyber fraud – but there’s nothing but silence from the companies that are supposed to be protecting them.Read more
The next year is going to be a tough one, with fewer car registrations than ever. Follow our tips to make the most of every customer and drive ahead of the competition.Read more
Some predict a bumper year for consumer finance; other suggest the industry will suffer. Either way recessions can wreak havoc – but here are some ways you can navigate the choppy waters ahead.Read more
Wherever you look the experts are predicting an annus horribilis for Estate Agents next year. But we’ve unearthed some ways you can beat the property market slump and thrive next yearRead more
Conventional wisdom predicts that legal firms do well in a recession. But that’s not always the case – unless you follow our top five tips for 2023Read more
Well, 2022 was a bit of a hellscape, wasn’t it? Recessions, political merry-go-rounds, Royal dramas, problematic world cups, and the ever-present ghost at the feast that is Brexit have all left their mark on theRead more
There are many reasons why elite sports stars can end up poor and homeless. Drug habits, concussions, bad investments, you name it. But Cindy Brown is different.Read more
The safest, fastest and most trustworthy onboarding process to verify your customer’s identity.Read more
The best customer onboarding experience… and the best defence against digital fraud.Read more
Digital-first banks attract customers with no-fee accounts and simple, seamless setups. But their appeal to fraudsters means the more seamless they get, the more dangerous they become.Read more
The myth persists that identity theft is a relatively harmless, victimless crime aimed mostly at the elderly and vulnerable… but the data doesn’t agree.Read more
Our complex world and its resultant threats to businesses mean General Counsel and legal firms are getting less sleep than ever. But there’s more to it than just risk: finding the right balance can give in-houseRead more
So much of the world is under threat from scammers, bad actors – and governments that give them shelter. But we can defeat the bad guys if the good guys band together.Read more
KYC is an important part of protecting yourself – and your customers – from fraud, regulatory breaches and bad actors. Luckily APLYiD makes KYC compliance quick, seamless and effective.Read more
Imagine returning from a well-earned holiday and putting your key in your front door only to find the locks have been changed…. then a stranger opens the door and asks who you are.Read more