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Home > Business/Finance > Financial Services > Electronic Transactions
Online Loan Application: Using Multiple Points of Interaction to Drive Conversion
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Overview
Although online loan application remains a niche application with a relatively low percentage of consumer adoption, several lenders are implementing innovative strategies to drive adoption while decreasing sales, general and administrative costs.
Primary Questions
- How many consumers apply for loans online, and is the number growing?
- What demographic groups show more inclination to use online loan applications?
- What type of content best drives online researchers to fill out an application?
- What multi-channel interaction strategies can lenders use to increase conversion rates?
Major Findings
Consumers continue to research loans online, but actual completion of applications is low and frozen at 2005 levels. Javelin data indicates that 67% of consumers have never applied for a loan of any type online. Several lenders are now experiencing higher conversion rates and lower overall costs by enhancing available site content, integrating consumer interaction chan-nels, and inviting prospects visiting the site to engage in online chat with loan representatives.
Audience: Financial institutions, particularly online banking divisions
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