How to Fix Your Verification Conversion Rate
When you go to signup for an account, do you get excited to enter your personal information into the looming wall of blank white boxes? No, and neither do you customers. You need to start thinking about the onboarding process from the customer’s perspective.
Businesses are finally realizing that a lengthy signup process results in abandonment and dissatisfaction for the customers who do get through it. This experience is not the first impression your customers deserve. Studies show that conversions increase 120% by reducing the number of form fields from eleven to four.
So what can you do?
Stop collecting unnecessary data! Accelerate your signup flow and reduce the required keystrokes as much as possible. Balancing data collection with a low friction signup flow can be a challenge, but it is one that will have a direct impact on your bottom line. In industries such as banking, lending, gaming, and P2P where a signup requires verifying the identity for KYC compliance reasons, it is crucial to make the first stage of the customer journey as seamless as possible.
Groundbreaking technologies, such as BlockScore’s Cognito verification, easily balance identity verification requirements with a true user-centric signup. To optimize for mobile and online signups, Cognito requires only a phone number and name. With those inputs, the API returns your customer’s full name, address, past addresses, date of birth, and full SSN from regulated sources such as credit bureaus and government records. This significantly reduces the amount of information your customer needs to provide while still satisfying business needs for complete information.
In addition to reducing abandonment, Cognito also does more to mitigate fraud as seen in our comparison blog post. This all translates to the most streamlined customer experience, happier customers, and more revenue to your bottom line.