Application to Completion Process
Application to Completion ProcessNo business that sells products can survive without the following process:
Now in financial services the stage between application and delivery can range from one week (in the case of American Express) to several weeks. The reason is largely due to poor back-end processes and money laundering requirements.
Some banks may believe that generating a huge volume of applications will generate an acceptable number of conversions; and that the resulting drop off is part of the process. However, in the age of instant expectations and little patience for poor customer service, banks with un-customer friendly processes could be doing more than losing sales. Such brand damage could eventually be critical or even fatal.
The solution is to have a short application process (the Mint credit card application is only five pages long with only a few questions). Customers will want to know whether they have been accepted as soon as they complete the required information.
Anti-money laundering regulations can be adhered to by comparing customer data against the electoral roll and online credit file from providers like Experian. So in a world where customers are getting more and more impatient for products and services (don’t you get annoyed when you expect a delivery and then it is delayed) - seems to me like a change is in the air for financial services.