Fintech brands lose billions as consumers drop out of transactions: Report

Financial brands are losing consumers by not fixing the friction points in their digital purchase journeys

Despite the massive thrust on digital transactions by the government and private sector alike, just 40 per cent of the total consumer base for credit cards, 49 per cent for insurance products and 41 per cent for loans are part of the web of online financial transactions. Not only are brands unable to tap into nearly half the consumer base, they lose out close to a third and more of digitally engaged customers who drop out half-way through a transaction.

Nearly 29 per cent of consumers for credit cards drop out due to friction, as do 37 per cent in the