Improve online application conversion rate by prefilling required information and simplifying customer onboarding journeys.
Online applications can often be long and difficult for customers to complete. Consumers don’t want to spend time and energy filling out online forms. As many as 68% of consumers have abandoned a financial application - for a third of customers, this was because they did not have the right identity credentials. Whilst more than a quarter thought onboarding processes took longer than expected. Digital maturity has made consumers demand slicker and effortless journeys, putting increased pressure on organisations to make customer journeys as easy as possible to reduce the risk of consumers dropping out of the process.
Book a no obligation consultation with one of our open banking experts, who'll be able to demonstrate how we could support your business with onboarding.
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Product Overview
The Open Banking framework uses the bank’s Strong Customer Authentication (SCA) and the security features inherent in banking apps to authenticate the consumer’s identity securely. It relies on UK banks’ existing Know Your Customer (KYC) checks and onboarding processes to provide high-quality, verifiable data. Speeding up onboarding and helping regulated industries offer customers a seamless and quicker onboarding process.
Key benefits of using Apply+
To help our clients reduce the amount of information consumers need to input manually as part of an online application process, whilst allowing you to enjoy the benefits of open banking data automatically. Apply+ improves conversion of online applications by pre-populating required information like your customer’s name, age and address as part of a digital application, without asking them to type in any of this information.
- Reduce drop offs By reducing the amount of information needed to input manually decreases drop off and abandonment rates
- Faster applications Reducing typical customer onboarding times from over 3 minutes to just 30 seconds
- Improve conversion Reducing friction can help organisations achieve online form conversion rates of up to 90%
- Verify age / ID Confirm account ownership, name, address and age - performing an automated anti-impersonation check
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