Financial Institutions are fully ingrained in the daily lives of everyday Filipinos, but many Financial Institutions still struggle to balance having a user-friendly onboarding with thorough assessments. They often inadvertently burden their potential clients with lengthy forms, repetitive requirements, and unclear product offerings. When processes are not streamlined, both customers and institutions lose out: customers drop off mid-application, and institutions lose potential revenue.
And to paint you an even clearer picture, here are three reasons why Filipinos choose to drop off the application process:
- CHALLENGE #1: Cumbersome Processes Take Too Much Time
Time-starved Filipinos are deterred by long queues, complex online forms, and repetitive steps. Even institutions with digital platforms struggle to reduce the friction of lengthy application processes, which are exacerbated by overlapping requirements.
As if that wasn’t enough, customers are also hampered by unclear communication. Financial institutions fail to sufficiently inform applicants about their products, such as loan options or credit card features, creating confusion and making it harder for customers to navigate their choices confidently.
- CHALLENGE #2: Overwhelming Documentation Creates Barriers
From uploading ID after ID to filling out endless forms, the onboarding experience can feel redundant and alienating. For less tech-savvy customers, navigating digital systems may add to the stress, causing them to give up midway.
- CHALLENGE #3: Security Concerns Discourage Trust
In an era of frequent data breaches, customers remain wary of entrusting financial institutions with their sensitive information. A single security misstep can not only harm users but also erode the institution’s credibility.
Given that completing an application process means profit for these businesses, it is tantamount for financial institutions to address these challenges. And fortunately, you only need ONE solution to address these THREE pressing problems.
Simplify application processes with GCash’s Single-Sign On (SSO)
Under GCash’s Identity Solutions, Single-Sign On is designed to simplify onboarding and mitigate dropoffs for financial institutions. Because as they say, simple is timeless. And by timeless, we mean it literally—the simpler your application process is, the less time is needed to convert people into paying customers.
SSO leverages GCash’s rigorous Know Your Customer (KYC) procedures to allow institutions seamless access to verified and consented user data. Here’s how we solve the industry’s most persistent challenges:
- Faster, Frictionless Onboarding
SSO eliminates repetitive steps by using verified and consented data from millions of registered GCash users. Instead of manually entering the same details repeatedly, users can register with a single click, reducing onboarding time and frustration.
- Simplified Documentation
Through API integration, our SSO program integrates seamlessly with your systems, allowing you to access essential user information with consent. This approach removes redundancy while remaining compliant with stringent security protocols.
- Enhanced Data Security
Here at GCash, we prioritize security at every step. By utilizing our robust KYC framework, SSO ensures that users’ data remains protected, building trust and confidence in your institution’s processes.
Jump onboard to simpler onboarding
With GCash’s SSO, you can focus on your core goals—whether it’s expanding access to loans, boosting insurance sign-ups, or onboarding savings account holders—without losing users at critical stages. This innovative approach not only accelerates customer acquisition but also improves conversion rates and user satisfaction.
For example:
- Lending companies can broaden their market by streamlining their onboarding process, making it more user-friendly.
- Insurance providers can democratize access to insurance policies and ultimately secure more Filipinos in the long run.
- Banks can onboard customers quickly without sacrificing compliance.
Do what is best for your brand and your customers. Make the most of GCash for Business Identity Solutions today.
