How to Leverage Trust and Improve Conversion Through Digitalisation

How to Leverage Trust and Improve Conversion Through Digitalisation

24.04.2019 07:44 am

Income verification is a critical part of the loan application process to verify if individuals can take on the financial commitment of a loan.

It should not be difficult. Lenders often just want to tick a small box on an application form “Has the customer provided adequate proof?” Yet sometimes obtaining that truth is hard, leading to dropped applications on the one hand, or fraud on the other.

On the side of fraud, it might surprise you that some people take proof of income to interesting extremes. For example, changing minuses to pluses on bank statements, forging signatures and trying to get away with outdated statements. Some even go as far as printing their name and address on a piece of paper and then taping it someone else’s salary slip. We have seen it all!

In the case of the carefully adhered paper on another’s statement, the edges of the tape will likely give this person away. Sometimes though, it is not as easy to spot a fake.

At the same time, proof of income often requires manual processes with many applications requiring additional documentation to be sent. These processes are very closely tied into trust - poor user experiences during the onboarding processes can lead to lower levels of trust, resulting in frustrated customers who will likely just walk away.

This report demonstrates that income verification is a massive pain point for lenders. We address how digitalisation can be used as a tool to improve this trust, increasing conversion rates and improving customer experiences. In the journey to better onboarding processes and smoother income verification, digitalisation is the key

To download the full report, please click here

Other Reports

Virtusa’s Trend Almanac 2019

Welcome to Virtusa xLabs’ second Trend Almanac. It goes without saying that a lot has changed in the year since we published our predictions for 2018. Looking back, our hit rate was fairly good. Read more »

iSignthis Report to shareholders for the Quarter Ended 30th June 2018

Australian Securities and Frankfurt Stock Exchange cross listed iSignthis Ltd (ASX:ISX|FRA_DE:TA8), the global leader in RegTech for identity verification and transactional banking/payments, is ple Read more »

Fixed Income 2018: Goals and Challenges for the Front Office’

Ahead of the upcoming TradeTech US Fixed Income Leaders’ Summit, WBR Insights, the research division of Worldwide Business Research, surveyed 100 Nor Read more »

5th International Exhibition and Conference on Banking Technology, Equipment & Services

The 5th Edition of the 3 day International Trade fair and conference on banking technology, equipment and services, IBEX India concluded successfully on the 21st of January 2017. Read more »

ROBO-ADVISORY: A Closer Look at the Engine Room

Key findings include:  Robo-advisors in the U.S. invest more aggressively than in Germany Robo-advisors use on average 10 ETFs to compose an investment portfolio  Read more »

Top 50 Digital Only Banks Ranking 2017

In the Sibos 2017 and Money20/20 edition of Financial IT magazine, we are pleased to include our survey of digital banks, as a part of our commitment to identifying global pioneers at the intersect Read more »

Verizon 2017 Payment Security Report

Does payment security matter? Read more »

The Claims Transformation Forum 2017

Claims Transformation Forum recently conducted a survey with Claims Directors from UK and European Insurers to ask for their insight on the top priorities for improving the claims process! Read more »

Adopt to Adapt: Enterprise Fintech in the GCC

In today’s fast-paced and ever-changing business environment, the keys to success are being agile and innovative to remain competitive and relevant – which applies to all industries. Read more »

Financial IT 2016/2017 Pathfinder Ranking

What is happening in the world of FinTech is one thing. What will happen is another. Read more »

Pages

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel