49% of financial applicants have no intent of completing the application

Of those who initiated an online financial application but did not submit it, 49% said that they had no intention of completing the application. This share was higher for deposit product applicants (58%) and substantially lower for credit card applicants (32%). The top reasons cited by those who did not intend to complete the application included: wanted more product information (23%), not ready to apply (19%), wanted to see if they qualified for the product (14%). Those who started an application with the intention of completing it, but who ended up abandoning the application cited the following reasons for not completing the application: changed their mind about applying online (12%), had privacy/security concerns (11%), wanted to speak to a sales person regarding the product (11%), comScore reports.