TransUnion CIBIL Prefill Solution: A Leap Towards Frictionless Onboarding

In an era of rapid digitization, customer expectations have shifted dramatically. Financial institutions are no longer competing only with each other but also with tech giants renowned for delivering seamless, intuitive experiences. To bridge this gap, TransUnion CIBIL Prefill Solution emerges as a game-changer, enabling financial institutions to prepopulate application forms with accurate customer demographic details, leading to a frictionless onboarding journey.

Why Prefill Matters in the Digital Age?

With more customers embarking on their first interaction with a bank digitally, especially New to Bank (NTB) customers, a smooth onboarding experience is critical.

Yet, 70% of customers drop off during digital journeys due to cumbersome forms, with 31% abandoning because forms are too lengthy and 30% due to excessive information requests. This is where TransUnion CIBIL Prefill Solution steps in.

What is TransUnion CIBIL Prefill Solution?

The Prefill Solution is powered by proprietary matching algorithms and enriched by data from a vast network of lenders. Customers need only provide their name and mobile number, and the solution auto-populates multi-field application forms, streamlining the process for both the customer and the organization.

Here are few key benefits of Prefill Solution:

1. Improved Customer Experience

Simplified, prefilled forms lead to smoother journeys, reducing customer frustration and drop-offs.

2. Higher Acquisition Rates

Shortened forms increase the likelihood of application completion, boosting lead-to-submission ratios.

Product Highlights:

• Reduced Errors: Minimize the risk of manual data entry mistakes.
• Lower Abandonment: Shorter forms directly reduce drop-offs.
• Enhanced Engagement: Enable customers to complete applications with minimal effort.
• Friction-Free Onboarding: Reduce barriers to entry for potential customers.
• Optimized Costs: Save time and resources with streamlined processes.

Easing the customer onboarding journey

The Prefill Solution aligns banking experiences with the ease of access customers expect from top brands. It leverages credit bureau demographic data to deliver an experience-first approach. With India’s median age at 29 and active internet users projected to rise to 45% by 2025, the opportunity to deliver seamless digital onboarding has never been more critical.

How Does It Work?

The process is simple:

• Customers enter their name and mobile number.
• The solution automatically populates the application form.
• Customers review and confirm the prefilled details.
• The result? A frictionless journey, higher application completion rates, and reduced turnaround time.

Ready to Simplify Onboarding?

To explore how TransUnion CIBIL Prefill Solution can transform your digital onboarding process:

Watch this video or visit our website:

https://www.transunioncibil.com/product/prefill

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