Tag: forms

A look at some of the issues around cart abandonment on financial sites, and how longer forms can be made easier for users.
Abandonment can be an issue for financial services companies, as customers can be deterred by long application forms, but what can banks do to deal with this issue?
Our most recent Remarketing Report found that finance abandonment rates were an average of 75.7% for Q3 2018.

A survey by Signicat found that 56% of respondents had abandoned an online finance application. This is up from 40% in the same survey two years ago.
It should be noted why this figure is different from the 75.7% we present above. Firstly, our data comes direct from client websites, secondly, the survey results covered both online and offline applications, so the two figures aren’t directly comparable.
The reasons given are interesting though:

One issue was the lack of an online-only option. People clearly want to complete applications online, saving themselves the hassle of making appointments and visiting bank branches.
The factors that relate to online form abandonment most closely are confusing language, asking for too much personal information, and the length of forms.
In this article I’ll take a closer look at form length, as this is the major reason for abandonment, with the help of some examples from Mapa Research’s report on banking form usability.

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