As more of a credit union’s engagement with members and prospective members happens inside digital channels, data patterns are beginning to reveal insights into a series of puzzling mysteries. One such conundrum is the persistence of high application abandonment rates among mobile and online users.

Forrester analysts reported abandonment rates for online banking applications are at an all-time high. As our team built a digital lending solution for credit unions, we had extensive conversations with both consumers and lenders to better understand why potential borrowers weren’t seeing online applications all the way through to submission. What we heard came down to three main realities.

First, the online channel is, by nature, geared for self-help. Self-service in the digital era presents a double-edged sword for lenders. On the one hand, the prospects of anonymity and 24/7 availability bring plenty of warm leads through the virtual door. On the other, the lack of social pressure to continue with a transaction makes it easy to stop whenever someone is inclined to do so.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.