Majority of customers would abandon digital bank from one bad experience

A survey by Applause has found that 65% of respondents would abandon a digital service because the sign-up process was too difficult.

The company surveyed 4,200 individuals from over 200 countries about their experiences signing up for new digital services. According to Applause, the results of the survey show the vast majority of users will decide to leave a digital service based on one less-than-ideal experience and nearly two thirds would leave because of a poorly designed sign-up experience.

Three key industries stood out in the survey – financial services, retail, and media and entertainment – as representing more than half of all new digital service accounts opened in the previous thirty days.

The survey also found that 64% of respondents had created two or more digital service accounts in the previous month, while 32% said they experienced a digital process that was unclear.

In addition, Applause found that the numbers could have been worse. When quizzed why they didn’t abandon the process, respondents said the account they needed was required and could not access the same product or service elsewhere.

Applause chief growth officer Luke Damian said, “Customers have ever-shrinking limits to their digital patience. This raises the stakes that every brand must exceed in delivering engaging digital quality. Every customer journey is unique which makes testing each customer experience increasingly more complicated.

“There are so many different friction points along a journey that combine the physical and digital world. If you don’t get it right, you can not only hurt the customer experience, but also do even greater long-term damage to the brand and the business.”

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