Most of the customers today expect a fast and a convenient experience. That’s why Alliance Data developed two new functionalities that remove the frictions from the credit application process.
ID self-scan and frictionless mobile credit are industry firsts and allow customers to apply for credit in about a minute. With ID self-scan, customers begin a credit application simply by taking a photo of their driver license or state ID. Data from the ID automatically populates 70 percent of the application saving users’ time and energy. With Frictionless Mobile Credit, the shoppers are now able to begin the application of credit card ad obtain it matter of seconds.
The authentication is automatically prefilled by sending a text with two pieces of information and the fields get the data. The customer reviews it and give a submission.
The Frictionless Mobile Credit allows users to apply for their credit card via a simple text message. The solution was also promoted in the stores. How? By using self-scan ID.
The ID Self-Scan uses the image – a photo – of the ID card or driver license and collects data from the image to fill the form needed for applying for a credit card. The app selects the fields with data and selects them.
“Getting this experience right is the lifeblood of what we do,” said Alliance Data Innovation Director Adam Koltnow. “It’s similar to mobile check deposits”. The photos can be taken with any device as tablets or mobiles.
This solution has decreased abandonment rate with 83 percent. These two capabilities allow customers to apply on their own, without register and waiting in line.
92 percent CTRs from SMS text messages
88 percent same-day credit card activation rate
83 percent reduction in abandonment rate
Significant credit card sales increase
We all know how uncomfortable is to wait in line and register to loads of paperwork. That’s why frictionless communication is the ideal state of functioning when it comes to services. We talked a couple of weeks ago in an article posted on Land of Web’s blog section about the meaning of frictionless communication for brands and businesses. Then we offered some examples from the biggest players on the market like Uber, AirBnb or hospitality. And now we’ll see together how a bank decided to transfer the operations into one single mobile app that allows many actions, including the application for a credit card.