Project Main Details
ABC UNVEILS NEW CREDIT ACQUISITION TOOLS AIMED AT REDUCING FRICTION, APPLICATION TIME
• I.D. Self Scan and Frictionless Mobile Credit can reduce as many as 40 keystrokes from application process
• Next-generation proprietary technologies currently being rolled-out via pilot programs with national specialty retailers
ABC's card services business, a premier provider of private label, co-brand and commercial credit programs, today unveiled its new, proprietary credit card acquisition tools for retailers, designed to add convenience, save time and reduce abandoned credit applications-- I.D. Self Scan and the first-of-its-kind Frictionless Mobile Credit -- which provide shoppers with the ability to apply for a store-branded credit card in a matter of seconds.
ABC’s I.D. Self Scan tool allows consumers to apply for a credit card simply by taking a photo of their driver’s license or state-issued I.D. The capability can be utilized either by the consumer themselves or by associates using tablet technology. Using the photo, the credit application is pre-populated with data from the I.D. and the review and approval process takes place. The first-of-its-kind Frictionless Mobile Credit (patent pending) requires only a text to a designated number and nine key strokes and the information necessary to complete a credit application is automatically populated using information from available databases. These consumer-initiated technologies both allow shoppers to “apply and buy,” to take advantage of first-purchase discounts and incentives.
“Our research shows an average 30 percent abandonment rate during the mobile credit application process, and we anticipate a significant decrease in that number as we begin to implement these and other mobile and digital application tools that streamline the process and save time for consumers,” said vice president of marketing - product and capabilities for ABC. “We’re focused on providing innovative solutions, such as these new acquisition tools, that put the customer experience first and reduce friction in both the application and purchasing process.”
ABC is currently implementing program pilots of these new acquisition tools in partnership with several national specialty retailers, with plans to roll them out more broadly in the coming months.
Shoppers: Quick and Convenient Wins the Day
I.D. Self Scan and Frictionless Mobile Credit each significantly reduce keystrokes required to complete an application, by as much as 40 keystrokes. ABC proprietary research indicates that “abandoners” – those who had started to fill out an application for a store-branded credit card but didn’t complete it – were often dissatisfied with the application process, and of those who indicated dissatisfaction, 52 percent indicated that the application process took too long. For abandoners who started to apply via mobile, the ease of the application process was rated as more important than for those who started the application process via a different method.
McKenzie believes these results validate that mobile credit applications will become even more common, and quicker, easier acquisition tools will be essential in helping retailers successfully welcome new customers to their brand and build profitable long-term customer relationships. She added, “No one likes lines at the point-of-sale, paperwork or multi-step processes. It’s about convenience and immediacy for shoppers, and ABC’s incubation and capability teams are focused on delivering strategies to our retail partners that make sense for how people like to shop while motivating the desired behavior and increasing purchase frequency, transaction size and brand advocacy.”
Create one video that incorporates both Frictionless Mobile Credit and I.D. Self Scan capabilities that could
potentially be used as two stand alone segments.
Existing ABC brand partners and potential prospects.
Animation with voice over. The music should be upbeat to convey speed and innovation.
• Introduce the general idea of “friction”
• Explain how friction can impact a brand’s customers during the credit process
• Show Frictionless Mobile Credit and I.D. Self Scan working to remove friction from the customer experience
• Line busting solution – Allows brands to keep lines moving while the customer applies on their own, out of lane.
• Decreased abandonment – Application abandonment has dropped from 30% to 5% leading to more acquisitions/cardmembers.
• Increased spend – Immediate buying power leads to an increase in cart size and customer spend on the card.
• Drives brand loyalty – Strengthens customer engagement by providing a quick and seamless credit experience.
• Easy to implement – No coding or development required.
• Time savings – Pre-filled data makes the process quick and easy.
• Convenience – Apply anywhere, at any time, with the ability to immediately use your new credit account.
• Discreet credit method – Provides a very customer friendly way for less confident applicants to apply.
• Can reduce on average 40 keystrokes from the application process
• 5% application abandonment (down from 30% with other mobile acquisition capabilities)
• Another way of stating this is a 95% application completion rate
• 30% higher transaction size when acquisition is moved away from the point of sale 2016-10-17 20:12:27 GMT 2016-10-19 23:00:00 (GMT -05:00) Eastern Time (US & Canada) Yes (click here to learn more about ) Closed 7 6 0 direct invitation(s) have been sent by the voice seeker resulting in 0 audition(s) and/or proposal(s) so far. Voice123 SmartCast is seeking 100 auditions and/or proposals for this project (approx.) Invitations sent by SmartCast have resulted in 7 audition(s) and/or proposal(s) so far.
• Phone Patch AND
• Source Connect
Most customers today expect a fast and
That’s why Alliance Data developed two new
capabilities that remove friction from the credit
I.D. Self Scan and Frictionless Mobile Credit are industry
firsts, and allow customers to apply for credit in a matter of seconds.
With I.D. Self Scan, customers begin a credit application
simply by taking a photo of their driver’s license or state I.D.
Data from the I.D. automatically populates 70% of the application, saving valuable time and about 40 keystrokes.
Through Frictionless Mobile Credit, the application is
automatically pre-filled after sending a text and entering two pieces of information. The customer reviews, submits and gets an instant decision.
This patent pending solution has already decreased application abandonment by 83%.
Both of these innovative capabilities allow customers to apply on their own, away from the register, which keeps lines moving.
And, with immediate buying power, customers' spend up to 30% more on their first purchase.
ID Self Scan and Frictionless Mobile Credit not only save
customers time, but also provide a convenient experience when applying for credit.
Visit KnowMoreSellMore.com to learn more about Alliance Data's innovative capabilities.
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