Financial institutions spend a lot of time and money on their smartphone apps, but what happens when a customer runs into a self-service dead end? Dead ends include the inability to complete a transaction due to an error or incomplete answer in the self-service app itself. If the next step is to call customer service, start all over, repeat account information and wait on hold, then the consumer is left frustrated - and is less likely to use the app again.
In a new research study, The Adcom Group explored the impact of self-service dead ends and discovered some humbling statistics:
- 70% of financial app users have experienced a self-service dead end
- 30% of customers will delete the app after experiencing a dead end
- 28% will complain on Facebook