Most customers (51 percent) are so fed-up with slow sign-up processes that many will simply abandon their application, research from Experian has found.
Despite that finding, nearly three quarters (74 percent) of businesses said improving customer experience is a critical or high priority, however 28 percent admit they are not sure they offer a friction-free service to customers.
Just more than a third (35 percent) are using automation to help them make accurate decisions about new customers. Around 82 percent of businesses said they are aware that data, analytics and artificial intelligence are vital are to their prospects. Meanwhile, 71 percent plan to invest in advanced analytics and half have cited investment in automation as a priority for the next 12 months.
Tom Blacksell, managing director of B2B at Experian, said: “Losing a customer because your application process is too complicated or long-winded can be so damaging. Offering a frictionless and fluid customer journey is vital for any organisation that is serious about keeping their customer’s happy in a fast-paced digitalised word. Our research shows that without it, your hard-earned prospects will simply go elsewhere.
“We continue to live through a period of significant economic and political uncertainty and that is putting extra pressure on organisations to make more efficient and effective decisions to help customers.
The findings have been announced to coincide with an extension to Experian’s Credit 3D platform, which will enable businesses to deliver a frictionless experience, while they build a detailed view of their customers, drawing on over 500 different data sources.