TradeIt Launches Direct Mobile Account Opening for Major Brokers
Our first of its kind, application tool leverages an ID scan to eliminate user abandonment and reduce client acquisition costs…. And users can complete their account opening applications in under 2 minutes!
We are excited to announce that our new Account Opening SDK is up and running – this new iOS SDK delivers a seamless, fully native experience that will allow users to open new accounts without leaving an app. We have simplified the account opening process by greatly reducing the amount of information the customer must enter manually. Using the iPhone camera, our SDK can scan a driver’s license and pre-populate many of the fields required to open an account. Additionally, all addresses are pre-filled within a few taps using our integration with Google Maps. (Shameless plug… check out a video of one of our first partner’s integration!)
As we wrote last Spring, financial institutions spend the lion-share of their marketing dollars on account acquisition. Significant dollars are spent for acquisition and yet, abandonment rates are high and continue to be. “According to Forrester, 54% of people filling out financial application forms abandon prior to completion, and on top of this, a recent study by SaleCycle saw financial abandonments reach an average of 79.3%,” quoted Nathan Richardson, CEO of TradeIt. “This is a huge, wasted opportunity considering that customers who attempt to complete an application are expressing a genuine interest in your products and services. In other words, if your process is quick and easy, they will complete their sign up quickly and easily. If it’s not, then you’ve lost a customer and revenue.”
In a previous post, TradeIt conducted time trials to open new brokerage accounts on mobile, only to see application processes take anywhere from 6 minutes to a whooping 12 minutes. The lengthy process we experienced, coupled with a mobile responsive web experience highlighted to us exactly why drop-off rates are so high. Applying the best practices of mobile UX, we are reducing the user application time by 80%, resulting in more completed applications and reduced client acquisition costs, and a new channel for revenue for our partners.
With only two or three lines of code, partners can simply link into the iOS SDK from an ad or a new menu option. Or add TradeIt’s Broker Center, a pre-build, mobile optimized comparison tool, populated with offers. Each of these options offers a partner’s audience a variety of compelling offers for brokerage accounts sourced by TradeIt or populated with partners’ own advertisers’ offers. For brokers, we will customize the experience to reflect your specific KYC requirements.
“We are very excited to be one of the first launch partners of this brand new acquisition tool that no one else is doing,” says Max Grigoryev, Product Manager at Just2Trade. “This pioneering solution solves for the 90% abandonment rate seen through traditional account open workflows, and complements the other innovative account opening tools we’ve been developing like our Facebook bot.“
With a simplified flow and best practices for mobile UX in place, we are pushing towards easy and fast, a surefire way to win the acquisition game in the long run.
For more information on TradeIt’s partnerships, or to create an account, please visit https://www.trade.it/.