Mobile onboarding needs to be fast, frictionless, and risk-free. Minutes count. Extending the mobile onboarding process by a mere five minutes has been shown to increase the application abandonment rate by 200%.
At this year’s Money 2020 Conference, we talked to a lot of companies who are coming to the same realization: in an increasingly mobile-centric world, they need to implement and optimize mobile onboarding. Their future growth depends on it.
In financial services, retail, and healthcare, mobile onboarding has become a business necessity. But too often it suffers from the faults described in this infographic.
Mobile banking is increasingly popular in the U.S. consumer market. That’s true not only for traditional bank and credit union customers but also for unbanked and underbanked customers, according to the FDIC’s latest study on unbanked and underbanked households.