3 CX Fixes That Reduce Form Abandonment and Thwart Identity Fraud
July 14, 2020
81% of people recently abandoned at least one online form and most won’t return to complete it (Source: The Manifest Online Forms UX Survey). The top two reasons?
29% said that security concerns were what caused them to stop filling out a registration form
27% cited forms that were too long as the reason that they abandoned
Whether you’re trying to get customers to apply for a new credit card or loan, or register for your online portal or app, it’s critical that you prioritize security but also ease-of-use and speed. This is easier said than done as application fraud is on the rise, with fraudsters using new techniques to attack companies right from the registration step (Source: Aite Group). The delicate balance between performing proper identity verification to prevent identity fraud while making the online signup process as fast and easy as possible can be tricky to achieve.
If you’re a fraud/risk, marketing, or digital professional who is invested in driving improvements to either or both of the above metrics, here are 3 key fixes that you can take action on today to start seeing a difference:
1. Make identity verification as seamless and friction-free as possible. With passive authentication technology such as phone intelligence, you can verify the identity of a new customer in the background with little to no action required on their part as they register with you online. This means that they will not only have a better digital experience, which increases the probability of them completing the application, but less human interaction also means that there is less opportunity for a fraudster to insert themselves into the process.
2. Shorten forms and reduce the number of fields that must be filled out. By using verified pre-filling technology to decrease the number of fields that a consumer must complete by 80%, you can eliminate one of the main drivers of form abandonment. When selecting pre-fill technology, it’s important to make sure that the information that is being pulled has been verified and is from authoritative sources.
3. Prioritize privacy and consent. While consumers do expect online experiences to be fast and easy, they also need assurance that their information will be safe and protected. When using pre-fill and identity verification technology, make sure that the proper consent mechanisms are presented in the most unobtrusive way possible. For example, depending on the type of online form, a simple challenge question such as date-of-birth can give consumers the opportunity to securely and quickly consent without slowing down the signup flow significantly.
One way that many leading companies are putting all three of the above enhancements into action is by implementing Identity Pre-fill. Identity Pre-fill is an API-based technology that helps fraud, marketing, and digital/CX professionals by:
- Pre-filling online applications with verified information from authoritative sources
- Authenticating the consumer’s identity to thwart the latest fraud schemes, including synthetic identity fraud
Here are some reasons why these companies choose Identity Pre-fill:
- 80% reduction in number of fields to fill out, 75% faster applications
- Built-in identity verification and eligibility check to only offer the Pre-fill experience to eligible consumers
- Highest coverage: 90% of 700M active US phone numbers, including pre-paid (25% of mobile phones in the US), family plans, VoIP, landlines
- Highest coverage of “thin-file” consumers
- Best household matching
Interested in learning more about how Identity Pre-fill can help you drive form completions and reduce fraud? Request more info using the form below.