We are using our mobile devices for pretty much everything: from accessing information, to purchase decisions and payments. It’s a ‘whenever, wherever’ reality that makes us more informed, but also more demanding. We expect businesses to be at the forefront of digital transformation and exceed our expectations.
It is not enough to have a responsive website or an app where customers can browse and buy your products — because everyone is doing that already. To ensure you deliver a great customer experience, you need to step up and think of the entire customer journey.
Do you like to type in all your details when you open an account, check in for a flight, or purchase an item? Transactions should be easier than that.
Across industries, businesses are finally realizing that a poor digital experience results in abandoned transactions and unhappy customers that will, not only, never return to their website/app, but also share their bad experience in online reviews, forums and social media sites. In fact, a study we did last year showed that abandonment rates account for billions of dollars of lost revenue.
So what can you do?
Improve online ID verification processes and accelerate customer sign-up
If we look at industries such as financial services, online gaming, travel and sharing economy, where onboarding a customer online often means verifying their identity, for compliance reasons (KYC, APIS, etc.) or for building trust, it is critical to make the first stage in the customer journey as smooth as possible.
The fact that, in this day and age, potential customers may have to leave the comfort of their homes merely to show their ID in a bank branch; or send a scanned copy of their ID via email to open an account for a gaming site, is unthinkable. This is not only inconvenient for your customers, it also stalls the transaction, which results in significant drop-off and customer dissatisfaction.
In Jumio’s Mobile Gaming Registration & Deposit Abandonment Benchmarking Report, we learned that 1 in 4 registrations for online gaming sites are being abandoned which equates to lost revenue of £39 million, in the UK alone. When it comes to financial services, we learned that account opening abandonment rates have reached over 60%, as examined in our “Is Customer Verification the Achilles Heel in Online Account Opening?” report.
New computer vision technologies, such as Jumio’s Netverify, easily integrate into existing account sign-up processes and instantaneously see, extract, and auto-populate forms with user ID information for fast onboarding. If needed, Netverify can also validate government-issued IDs from over 140 different countries, to help build trust and validate identity when onboarding customers or providers.
This translates to a more streamlined customer experience and more revenue to your bottom line.
We are all dependent on our mobile devices for pretty much everything we do, but nothing is more annoying than sign-up or checkout forms that are complicated and demand lots of data. That is why disruptive technology could well be the solution to bring disillusioned customers back into the fold and money back into your pockets.