Published on 2/10/2022
4 Things you didn't know effected your conversion rates and how to solve them
Safety is not first – It seems counter intuitive, but multiple mentions of how safe a process is has the opposite effect and makes the borrower more likely to drop out of the process. Keep mentions of encryption and security in a link posted on the page as opposed to emblazed along the way
Less is always more – The fewer words and instructions you have on a page the more likely the borrower is to read and proceed. Cluttering a page with verbiage makes the action appear more complicated than it is; keep it clean and to the point with only the verbiage that is deemed absolutely necessary.
Don’t focus on the numbers- Listing your call center number at the top of the application page, in the header and in the footer is telling your customers not to step through the IAV process. If a customer needs to contact you they will always find the phone number. List the number 1 time in the header or footer and you will not only increase conversion rates, you will also lessen the unnecessary calls to your call center.
Start them off on the right foot – Prepopulating the bank for the borrower allows them to go straight to the login screen making it a 1 or 2 step process to login (depending on if they have security questions). Simply add the bank details when creating the request code and take the guess work off your customer.