France Identité and the New York mobile driver's licence project are two examples of digital identity projects that need to be monitored more closely.
TrustCloud has developed HelpMe, a solution that tackles a problem faced daily by banks and fintechs: the abandonment rate during the process of onboarding new customers.
he dropout rate during the onboarding process is a critical factor for companies, especially in the financial sector. This indicator reflects the percentage of customers who abandon the integration or onboarding process for a financial service within a specified time-period. Its importance lies in the fact that onboarding is the first significant contact that customers have with the company, and it’s crucial that it be straightforward for the customer, as it will be their first impression and will define their subsequent journey. Request a free demo with one of our experts to improve onboarding processes and increase conversions.
The key: making identity verifications easy
Until recently, proving one’s identity was a simple task. Most people had some form of physical document they could present when needed. Citizens showed their passport or identity document at an airport checkpoint or handed over their driver’s license when renting a car.
Nowadays however verifications have changed drastically. Online verification has become a daily practice for most. Proving one’s identity digitally, for example when opening a bank account, often turns out to be a cumbersome, inefficient process that spreads across various digital channels and service providers.
Preventing the loss of digital banking customers
Video identification is rapidly emerging as the safest and most reliable method to prove someone’s identity in real-time. Aware of this concept, TrustCloud is working to ensure that its video identification technology, VideoID, meets market needs by adding new functionalities.
Even in highly digitized profiles, completing automatic banking onboarding can present obstacles. For this reason, TrustCloud has devised an easily implementable solution focused on rescuing those customers on the brink of abandoning the process. The HelpMe button, which reinforces the VideoID technology, is placed in a visible place on the screen of the organization or entity where the user is onboarding. If a problem arises, all the user has to do is click this button once, and they’ll be redirected to TrustCloud’s video center. From our platform, an identity and fraud expert will assist step by step to complete the operation. Contact one of our specialists now and discover how the HelpMe button can help you reduce abandonment rates.
Factors that increase the abandonment rate
There are several reasons why a user may choose to abandon the onboarding process, especially in the financial sector. Here are some of the most common:
- Complexity: The onboarding process is complicated, confusing, or requires too much information, causing users to feel overwhelmed and opt out.
- Lack of clarity regarding benefits: Users don’t clearly understand the value they’ll gain from completing the onboarding process.
- Technical or functionality issues: Errors, platform failures, or technical difficulties can frustrate users.
- Excessive documentation requirements: A excessive amount of personal information is requested, making the interested party uncomfortable or wary.
- Trust and security: Lack of confidence in the platform or the offered financial services, which may be related to doubts regarding data protection or the authenticity of the company.
- Delays in the procedure: The verification or approval process is long and tedious.
- Complicated interface: The screen displays functions or information that are not intuitive, making navigation difficult.
- Lack of assistance: Users encounter obstacles and there’s no clear channel to obtain help or support. The advantage of HelpMe is that users find support at the moment they need it most, instantly transforming an unassisted process into an assisted one.
- Lack of personalization: The onboarding process doesn’t adapt to the user’s specific needs or context.
- Distractions: External factors like unexpected interruptions or distractions can lead users to abandon the onboarding process.
- Interruption options: The lack of flexibility in the company’s app or website means the process cannot be interrupted and resumed later or from another device.
HelpMe positively impacts company values
The digital user is inherently impatient, so any of these reasons, or a combination of them, is enough to inflate the abandonment rate. TrustCloud VideoID drastically reduces this with HelpMe.
HelpMe transforms an automatic or unassisted process into one assisted by expert agents, in an instant. Additionally, it prevents significant financial losses resulting from the multitude of customers who drop out along the way and maintains the highest standards in KYC and AML.
A low abandonment rate during onboarding is a positive indicator of a company’s effectiveness in incorporating new customers. To address and reduce the abandonment rate during onboarding, companies in the financial sector should focus on simplifying and improving the process. This involves providing clear guidance, offering support resources, and ensuring that customers fully understand the benefits and functionalities of the financial services being offered.
The abandonment rate at such a critical moment as is the onboarding of new customers, has a direct impact on customer retention and on the company’s perception. Effectively managing this phase will not only ensure greater short-term retention, but will also build a solid foundation for a transparent long-term relationship. Addressing it with attention and a strategic approach is crucial for both traditional banking and fintechs or neobanks.
Without losing sight of these goals, TrustCloud’s team of experts is just a click away to guide users through the enrollment process every step of the way, adding value to the organization from the very beginning. The HelpMe button is a technology designed for the user, regardless of their age or level of digital literacy. Humanistic solutions that seamlessly integrate with third-party tools, ensuring a smooth and hassle-free experience.
Learn more about VideoID and the HelpMe button by accessing the contact form.