The global pandemic has accelerated the rate of digitization across a wide variety of industries. Digitized customer interactions have become increasingly important for financial institutions (FIs) competing with one another to attract more customers. 

Customer Application Fatigue

Customer expectations are at an all time high when it comes to quick and easy digital experiences. If financial institutions cannot provide the instant gratification that digital applicants have come to expect, applicants have no issue in abandoning the process and starting over elsewhere. To be competitive, FIs of every stripe must streamline and enhance their application experience. 

External Data Benefits

By leveraging external data to populate the applicant’s information, various details such as name, education status, age, employer, home address, and more, can be easily injected into the workflow. Users and the agents who guide them can rely on valid external data to prompt them in prefilled forms.

Prefilling applicant information improves customer experience by decreasing the time and energy required to complete the application — lowering the barrier to entry and increasing the amount of sales made by FIs. 

Application Prefill Demystified 

Demyst’s suite of pre-configured APIs helps modernize the online application experience via the optimization of applicant prefill data. 

The more verified data prefilled, the faster an accurate quote can be generated, satisfying the customer and leading to more conversions. Excellent APIs to start with are US Person Address from Name and Phone and Business Firmographics. There are a plethora of tools in Demyst’s tool chest. 

Questions? Please create a free account and reach out to Demyst’s international 24/7/365 team via the in-platform chat or send an email to support@demystdata.com.