Online Loan Application: Using Multiple Points of Interaction to Drive Conversion:

Online Loan Application: Using Multiple Points of Interaction to Drive Conversion

Product Type: Market Research Report
Published by: Javelin Strategy & Research
Published: May 2006
Product Code: R3424-7

Description

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

Table of Contents

Overview
Findings and Analysis
Online Loan Application Remains Limited
Education and Content are Key for more Complex Loan Processes
Use Online Chat and Closely Integrate Channels to Convert Researchers into Applicants
Table of Figures: Figure 1: Online Loan Application 2004-2006; Figure 2: Online Mortgage Screenshot; Figure 3: Online Chat Screenshot

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