83 mln US consumers abandon online enrollment due to friction

Wednesday 15 May 2019 11:09 CET | News

New research from IDology has revealed that in the last 12 months approximately 83 million consumers abandoned online enrollment due to additional effort or friction.

IDology’s Second Annual Consumer Digital Identity Study found that for the first time, consumers opened more new accounts on mobile phones than on computers. The study also found a 19% increase in abandonment during account openings compared to 2018, due to high consumer expectations for convenience and low tolerance for friction. The study also found that consumers desire higher levels of security without additional burdens.

Among the key findings of the study:

  • 51% of consumers identified their mobile phone number as a key part of their identity, a 21% increase over 2018;

  • for the first time, Americans opened more new accounts online with their mobile devices (61%) than on a computer (56%) in the past 12 months;

  • 83 million Americans abandoned account signup because of friction;

  • 71% of US consumers surveyed reported that knowing a financial institution was using more advanced identity verification methods would positively affect their decision to do business with that institution.

The study reflects survey responses from 1,499 US consumers between January 29, 2019, and February 11, 2019. The respondent panel was provided by research company Qualtrics.

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Keywords: IDology, study, report, security, identity verification, digital identity
Countries: World