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1、A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into customersHOW TO BUILDBuilding your signup experience is high stakes,but what do users expect in 2023?Your marketing team has worked hard to bring visitors to your website or app.Nows your chance to turn them into customers if you
2、can get them through signup.But theres a problem.And its felt keenly in industries like financial services,crypto and igaming.Signup is fraught with friction multiple screens,manual data entry,documents to find and scan,days waiting for your account to be approved.In short,lots of opportunities for
3、potential customers to lose patience and interest in your platform,undoing all the hard work youve already done.Meanwhile,behind the scenes,product,payments and compliance professionals in high-risk industries face unique challenges.They must get enough information to set up a users account properly
4、 and securely,they must meet KYC and compliance requirements,and they must verify a user is legitimate and able to use the service.Balancing these demands while delivering a slick experience is something that even the biggest brands struggle with.Ive seen examples of signup flows from well-known com
5、panies that are approaching 40 screens.The outcome is almost always poor conversion.According to our research with YouGov,4 in 10 people in the UK start creating an online account,but dont complete it.Thats 40%of your marketing spend gone before youve seen any revenue.So,when it comes to designing a
6、 better signup journey,where should you start?TrueLayer partnered with YouGov to survey 1274 UK users of financial services,igaming and cryptocurrency platforms,to find out what they want from a signup experience.FOREWORD2A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into FOREWORD
7、This report summarises our findings,giving you insights and benchmarks to help you optimise your signup process.If youre short on time,skip to page 5 to see our handy checklist.At TrueLayer,we believe that open banking has a big role to play in helping businesses reduce friction at signup and conver
8、t prospects into paying customers.You can find out more about that throughout this report as well as more about Signup+,our new open banking solution that streamlines customer onboarding with a single payment.Andre Reina Group Product Manager TrueLayer IN THIS REPORT4 The signup problem5 5 ways to o
9、ptimise your signup8 Research insights Minimise friction when visitors create an account Verify users quickly and directly with the bank Crack the first deposit to unlock active customers 17 Signup made simple with TrueLayer3A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into The s
10、ignup problemTHE SIGNUP PROBLEMDrop of when theyhaveto manuallyenter informationDrop of when they haveto submit information forverification(eg photo ID)Drop of while waiting forverification approvalDrop of when theyhave to inputpayment information23%12%46%VERIFY USERCREATE ACCOUNTDEPOSIT39%050100050
11、100Businesses see the most drop-off at the verification and deposit stages of signup4A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into people start creating an account but dont complete the process4in105 ways to optimise your signup Based on our research with 1274 consumers,here
12、are 5 best practices to optimise your signup.Account creation should take no more than 10 minutesMost people are only willing to spend up to 10 minutes creating an account before they give up.In igaming,players are less patient:6 in 10 players(58%)said they would give up after 5 minutes.Consider sec
13、ure API integrations like open banking which reduce manual input by auto-filling customer details(more on that next).Keep manual input to a minimumIt might sound obvious,but its important to reduce how much information visitors have to type in when creating an account or making their first deposit.A
14、lmost a quarter of people(23%)said theyve abandoned creating an account when asked to manually enter information like their name,address and date of birth.The risk is even higher when it comes to deposits:more than a third(39%)said theyve abandoned signup when asked to enter payment information.Tech
15、nologies like open banking and partners like TrueLayer can help you eliminate manual data entry,minimising the friction that causes drop off,making errors and fraud less likely.They can also help you simplify the user journey,for example by combining the signup and payment step into one.5 WAYS TO OP
16、TIMISE YOUR SIGNUP5A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into Verify users within 24 hours.For best conversion,aim for less than 30 minutesVerification requirements vary,but often businesses need to confirm the account creator is who they say they are to reduce identity fr
17、aud,or is of age to use the platform.If your verification process takes longer than a day,our research suggests that most(86%)of visitors will abandon the process.But 1 in 2(51%)will only wait up to 30 minutes before deciding not to return.Apply logic based on risk thresholds to tier your verificati
18、on process.For example,consider which requests can come after the first deposit to maximise conversion particularly if they involve high friction tasks like scanning and uploading documents.Finding ways to deliver instant verification for the majority of customers(and communicating this feature in y
19、our marketing)could help boost acquistion.More than half of respondents said they were likely to choose a platform that could instantly verify them,and three quarters said that the time it takes to receive a verification decision is a very important factor in deciding which platform to use.Maximise
20、security and build trust with open bankingFear over data security is a top reason why people abandon signup,mentioned by a third of people in our research(32%).Open banking technology can better protect you and your customers from fraud,since it minimises data input and no sensitive details are shar
21、ed in an open banking transaction.Carrying out simple ID checks through the bank could also help to reassure customers.6 in 10 people(64%)in our research said they were more likely to trust a verification process if it were done through their bank rather than by manually scanning documents,which are
22、 verified by third party companies.5 WAYS TO OPTIMISE YOUR SIGNUP6A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into Offer instant withdrawals to boost acquisition,particularly in igamingThree quarters of respondents said that instant withdrawals were an important factor in their
23、decision to sign up to a platform.In igaming,the number was even higher:85%of players said instant withdrawals were important,and half said they were very important.Providers like TrueLayer use open banking technology to enable instant payouts for merchants in igaming,crypto and financial services.S
24、ignup made simple with TrueLayerSignup+combines account creation with making a payment to speed up KYC compliant WAYS TO OPTIMISE YOUR SIGNUP7A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into Minimise friction when visitors create an accountCreating an account should take 10 minu
25、tes People dont have much patience for creating accounts online.Most(73%)are only willing to spend 10 minutes or less before giving up.Almost all said they would abandon creating an account if it took longer than 30 minutes.People signing up for an igaming account are less patient than average.6 in
26、10 players(58%)said they are only willing to spend up to 5 minutes creating an account.KEY TAKEAWAYS Creating an account should take 10 minutes Keep manual data entry to a minimum Convenience and security both matterRESEARCH INSIGHTS:ACCOUNT CREATION8A BETTER SIGNUP EXPERIENCEYour guide to convertin
27、g more visitors into Keep manual data entry to a minimum Almost 1 in 4(23%)people said theyve abandoned creating an account in the past when asked to manually enter information like their name,address or date of birth.1 in 4(27%)said being asked to fill out too much information manually was a key re
28、ason they would abandon creating an account partway through.Convenience and security both matter We asked people to tell us why they dont finish creating an account.4 in 10(41%)blamed a long process with too many steps,while 1 in 3(32%)mentioned fears about the security of their information.1.1 Aver
29、age time people are prepared to spend creating an account before they give upLess than 1 minute1-5 minutes30-60 minutes1 hour+5-10 minutes10-15 minutes15-30 minutes0%20406080100%Cryptocurrency platformsiGaming platformsFinancial services platformsRESEARCH INSIGHTS:ACCOUNT CREATION9A BETTER SIGNUP EX
30、PERIENCEYour guide to converting more visitors into Technologies like open banking and partners like TrueLayer can help you eliminate manual data entry,minimising friction and making errors and fraud less likely.They can also help you simplify the user journey,for example by combining the signup and
31、 payment step into one.Learn more.RESEARCH INSIGHTS:ACCOUNT CREATION 1.2 Top reasons why visitors start creating an account but dont finish 02040608010041%The signup process takestoo long and/or has toomany stepsIm worried about thesecurity of my information32%27%Identity or verificationchecks take
32、too longThe signup processrequires too much manual information to fill out27%The verification checkwas never approved(egproblems with the photo/document submitted)9%Other4%I didnt have a photo ID or identity document to submit8%10A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into
33、Verify your users quickly and directly with the bank12%of people admit they have abandoned signup while waiting for verification approvalVerification requirements vary,but often businesses need to verify that the person creating the account is who they say they are and is old enough to use the servi
34、ce.12%of our respondents admitted they had abandoned signup in the past while waiting to be verified.The top two reasons for this were:1.The long wait caused them to develop a negative perception of the platform(22%).2.The long wait caused them to miss the opportunity or event that prompted them to
35、signup in the first place(16%).RESEARCH INSIGHTS:VERIFICATION KEY TAKEAWAYS 12%of new users abandon signup while waiting for approval Verify users within 24 hours.For best conversion,aim for less than 30 minutes Instant verification could win you customers Verify simple user credentials with the ban
36、k to build trust11A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into Verify users within 24 hours.For best conversion,aim for less than 30 minutesMost people(86%)are not willing to wait more than 24 hours for their account to be approved.But even verifying your users within that p
37、eriod will likely still result in significant churn:1 in 2 people said they would only wait up to 30 minutes before deciding not to return.Consider which verification requests can come after the first deposit to maximise conversion particularly if those requests involve manual scanning and uploading
38、 of ID documents.RESEARCH INSIGHTS:VERIFICATION 2.1 Average time visitors are willing to wait for verification approval before deciding not to return 0%20406080100%10 days-2 weeks2 weeks+5-10 days1-5 days6-24 hours30 minutes-6 hours1-30 minutesLess than 1 minute12A BETTER SIGNUP EXPERIENCEYour guide
39、 to converting more visitors into Instant verification could win you customersFinding ways to deliver instant verification could also help you win more customers.More than half of people(55%)said they are likely to choose a platform that can instantly complete verification with no wait time.More tha
40、n three quarters(79%)said that verification approval time is a very important factor for them when deciding which platform to use.People trust their banks when it comes to verificationCarrying out simple checks through the bank could help to reassure customers.6 in 10 people(64%)in our research admi
41、tted they were more likely to trust a verification process if it were done through their bank rather than by manually scanning documents,which are verified by third party companies.RESEARCH INSIGHTS:VERIFICATION13A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into Crack the first d
42、eposit to unlock active customersPeople who deposit at signup are more likely to become active customersMaking the first deposit is a crucial step in turning new users into active customers.1 in 2 people are likely to continue to use a platform after theyve made the first payment(and just under 1 in
43、 4 say they are very likely to).RESEARCH INSIGHTS:DEPOSITS KEY TAKEAWAYS People who deposit at signup are more likely to become active customers Keep manual payment fields to a minimum Offer payment options that protect users from fraud Consider instant payouts to boost acquisition,especially in iga
44、ming14A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into Keep manual payment fields to a minimum Its important that new users make that first deposit right away,but according to our research,clunky payment processes are the second most common reason for signup abandonment.4 in 10
45、people(39%)said theyve abandoned signup in the past when they had to input payment information.Payment methods that prepopulate payment details and use biometric authentication to remove friction can help here.RESEARCH INSIGHTS:DEPOSITS 3.1 Likelihood that people will continue to use the platform af
46、ter theyve made a depositVery likely 23%Very unlikely 12%Unlikely 9%Likely 27%Somewhat likely 29%15A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into Offer payment options that protect users from fraud Users want reassurance when it comes to security.A third of people(32%)said fea
47、rs over the security of their information is a main reason they abandon signup.Consider offering payment methods like open banking which are less prone to fraud,and find ways to communicate security characteristics in your user interface.Consider instant payouts to boost acquisition especially in ig
48、aming3 in 4 people said instant withdrawals are an important factor in their decision to sign up to a platform.In igaming,the number was even higher:85%of players said instant withdrawals were important,with half calling them very important.RESEARCH INSIGHTS:DEPOSITS 3.2 Importance of instant withdr
49、awals in deciding which platform to chooseVery importantImportantNeither norNot importantNot at all important0%20406080100%Financial services platformsiGaming platformsCryptocurrency platforms16A BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into SIGNUP+Signup made simple with TrueL
50、ayer Signup+combines account creation with making a payment.It speeds up KYC-compliant onboarding with one quick deposit from a users online bank.Boost new user acquisition Convert more customers with a streamlined signup process that takes minutes,not days.Convert signups to active users Ensure new
51、 users convert to active ones by combining the signup process with an initial deposit.Increase usage and retention Increase product stickiness by optimising the user experience.Virtually eliminate payment,identity and bonus abuse fraud Wipe out fraud with real-time identity checks and bank authentic
52、ation built into every payment.Cut payment and operational costs Reduce operational costs associated with manual verification checks,and save on transaction costs compared to cards and manual bank transfers.DEPOSITPayment is initiatedAUTHENTICATEUser confirms the paymentACCOUNT CREATIONUser account
53、is created with bank-sourced dataGET STARTEDAccount with funds is ready to useLearn more: BETTER SIGNUP EXPERIENCEYour guide to converting more visitors into About this reportTrueLayer commissioned YouGov to survey users of financial services,igaming and cryptocurrency platforms,among a sample of 1274 in the UK.All fieldwork was carried out online between 10-24 September 2022.