TRUSTe Privacy Seal Boosts Conversions for E-LOAN
San Francisco, CA. – September 20, 2007 - TRUSTe, the non-profit organization dedicated to protecting online consumer privacy, announced today the results of a study examining the impact of the TRUSTe privacy seal on conversions for online lending company E-LOAN. The study confirmed that displaying the TRUSTe seal on the application form had a positive impact on the number of completed transactions.
On behalf of E-LOAN, Offermatica conducted A/B testing of the seal’s efficacy, presenting the form with the seal to certain users and a form without the seal to others filling out applications on E-LOAN’s Website. When the TRUSTe seal was present, E-LOAN saw a 3-5 percent bump in application conversions. The results prompted E-LOAN to place the seal on application forms across the website, and they are currently testing various trust-messaging and seal placement in email and newsletter marketing campaigns.
“We proudly display the TRUSTe seal on our site to signify to customers that their privacy is a top priority for us,” said Tess Koleczek, chief privacy officer of E-LOAN. “As a financial services organization, it is extremely important to us that our customers trust us 100 percent with their information. By taking every measure possible to earn their trust and then displaying the TRUSTe seal, we have seen an increase in our application conversions as a result. ”
“Many C-level executives don’t make the bridge between privacy and the bottom line,” said Carolyn Hodge, marketing director of TRUSTe. “In addition to contributing to an honest and open Internet atmosphere, privacy certification and trustmarks can improve customer acquisition, retention and can have an actual impact on your sales as the E-LOAN test clearly demonstrates.
Editor's note: Yesterday, representatives from TRUSTe, Offermatica and E-LOAN conducted a Webinar titled “Privacy Impacts Purchasing: Top Ways Companies Can Use Online Testing and Privacy Seals to Improve Privacy Practices and Increase Sales.”
TRUSTe is the leading global Data Privacy Management (DPM) company and powers trust in the data economy by enabling businesses to safely collect and use customer data across their customer, employee, and vendor channels. Our SaaS-based DPM Platform gives users control over all phases of data privacy management from conducting assessments and implementing compliance controls to managing ongoing monitoring. Our DPM Services, including assessments and certifications, are delivered by an expert team of privacy professionals. Thousands of companies worldwide rely on TRUSTe to minimize compliance risk and protect their brand.