The global digital lending platform market size is projected to reach $20.31 Billion by 2027. The rapidly growing market size can be attributed in large part to changes in consumer behavior accelerated by the COVID-19 pandemic, recent breakthroughs in artificial intelligence, and increased consumer awareness of digital lending products. As both startups and major players race to dominate this lucrative space, fast customer onboarding times have become a key metric of success, providing lenders with a competitive edge.
Accelerating the time it takes for the average consumer to successfully onboard in such a highly regulated environment plagued by astronomical rates of fraud, however, is easier said than done as companies must maintain KYC compliance and prevent fraudsters from hurting their reputation and bottom line. In a recent report published by the independent advisory firm Aite-Novarica, Shirley Inscoe studied how a global provider of data-driven customer loyalty, marketing, and payment solutions (Company B) leveraged Prove Pre-Fill to double completion rates for credit card applications.
In the report published by Aite-Novarica, the researchers took a deep dive into the operations of Company B before and after it implemented the Prove Pre-Fill solution. Before implementing Pre-Fill, Company B struggled with low application completion rates caused by their lengthy credit card applications. This challenge is quite common for issuers as consumers can be easily turned off by having to type in copious amounts of information to complete a credit card application on their phone or computer. In order to reduce abandonment rates and increase the number of customers signing up for a new credit card, Company B went shopping for a new solution. Their must-have list included a product that successfully “reduced the abandonment rate during the application process, increased the application completion rate, and contained cost to the fullest extent possible.” Fortunately, Prove was able to check all of these boxes and the incredible result speaks for itself. After implementing Prove Pre-Fill, Company B’s application completion rates doubled.
While the results described above are noteworthy, they are far from unique. Because Prove Pre-Fill auto-fills forms with verified bank-grade data, it reduces the keystrokes necessary for a customer to onboard by up to 80%, making the onboarding process easier and more secure. To use Pre-Fill, a customer can simply enter their mobile number and the last four digits of their social security number and the rest of the necessary data will be filled with their consent. To learn more about how digital lenders are harnessing Prove’s Pre-Fill to increase application completion rates and boost their bottom line, read the full Aite-Novarica report.
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