To have a genuinely frictionless digital experience – i.e., one where the customer completes actions seamlessly and with minimal effort – you must ensure that your communication is consistent throughout the process.
One way to create a truly frictionless – and consistent – application process is with branded calling. Let’s explore the ways branded calling can help.
Abandoned Applications Create Problems Down the Road
According to research, the problem with abandoned applications is getting worse. In 2020, 63% of potential customers abandoned their applications before completing them. But in 2022, that number rose even higher to 68% of customers.
Why are customers starting online applications but not completing them? One reason is that the process is too cumbersome, with too many questions, variables, and steps. And people don’t have the time or the mental will to complete a lengthy application. This is especially true for younger applicants who expect you to have a quick and pain-free application process. In the same report, 3 in 4 young adults ages 25 – 34 abandoned applications because they became frustrated with the process.
Other research suggests that if a customer can’t open a new account or complete an application in under 5 minutes, the chance that they will abandon the application rises by as much as 60%.
Customers in 2024 have high expectations for businesses and are less likely to tolerate lousy onboarding experiences.
The Application Wasn’t Finished – What’s Next?
What do you do when you realize customers aren’t completing and submitting their applications? Do you send a follow-up email, shoot a text message, or maybe reach out personally via phone call?
If it’s the last option, a personal phone call, are you ensuring the calling experience is frictionless? Because if you’re calling from an unknown number, you’re not creating the best experience for your already frustrated prospects.
Lucky for you, the solution is simpler than you think – branded calling.
Branded calling is a fast-growing outbound call branding technology that ensures customers always know who’s calling.
So, when you need to reach out about an abandoned application or make a follow-up call to one that’s been completed, branded calling lets your customers know it’s you calling. This increase not only answers rates but also engages customers – leading to more people who are willing to convert on the phone.
And how’s your brand reputation doing? Does an unknown call affect how customers view your brand?
If you’re calling from an unknown number, there’s a good chance customers view your brand as the cheaper, less premium option. We’ve found that 77% of customers consider a brand “more premium” if they correctly identify themselves with a branded phone call.
And even more problematic for your brand, if you don’t brand your calls, 3 in 4 would consider switching to one of your competitors that DO brand their calls.
Interested? Here’s what else branded calling can do to create a more friction-free user experience.
Branded Calling Case Studies
Do you ever feel like your online loan application process is cumbersome for customers and fails to return the results you were hoping to achieve? You’re not alone – one of our FinServ clients experienced that exact issue.
Although they had created what they thought was a frictionless application experience, the financial services provider noticed that when agents contacted applicants to gather more information, the clients failed to answer the phone. That meant more loan applications had longer buying periods or were dropped entirely by the client.
Branded calling came to the rescue, and after properly identifying their calls, the financial service provider saw a 50% decrease in declined calls. With fewer declined calls, more customers were answering, which led to more conversions over the phone.
Another client, one of the nation’s top mortgage lenders, had trouble with online application follow-up calls. Even though customers requested calls, they weren’t picking up.
Branded calling gave the lender a 26% lift in answered calls and a 90% lift in engaged customers! Engaged customers are paying customers, meaning more deals are closed and revenue grows.
Friction No More!
Branded calling is one of many ways to create a better user experience for your potential clients and current customers (but we think it’s the best way).
Are you ready to talk more about branded calling? Reach out to us today. We’d be happy to talk about all things branded calling and how it can change your business.
