A new report published by Trulioo has revealed that 73% of consumers claim that the account opening process can ‘make or break’ their relationship with digital services.
experiences and 77% indicate they will switch to other sites if met with a less than optimal experience.
This intolerance is expressed by younger and older consumers alike in the US and the UK, across all types of digital services. In the financial services industry, less than half (43%) of consumers are fully satisfied with their recent experiences opening new online accounts, one-third (37%) of online shoppers are fully satisfied with their experiences when opening new online accounts with retailers, and 44% of consumers are fully satisfied with their experiences opening new accounts across online marketplaces.
Consumer concerns about online security are higher within financial services than in any other sector, with more than half of respondents (51%) reporting that they are ‘very concerned’ about identity theft when using financial services sites.
As people sign up for an increasing number of digital services, expectations for smooth and seamless account creation are also rising. The new report Consumer Account Opening Report 2020 highlights consumer behaviours and expectations around security, digital onboarding and identity verification in the financial services, retail and online marketplace sectors.
In financial services:
In retail:
In online marketplaces:
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