According to a HooYu poll, up to 30 percent of consumers are leaving sign-up procedures with gaming operators, citing long and uncomfortable customer onboarding journeys as the reason.
The report, titled ‘Examining Customer Onboarding Drop-off in Online Gambling,’ looks at the issues that gaming companies face in the UK and abroad, with abandonment rates of 14 percent for the former and more than doubling to 30 percent for non-UK journeys.
Variations in funnel efficiency
The research also examines the variations in funnel efficiency between small, medium, and large operators, as well as the time it takes for operators to complete KYC.
According to Hooyu, “large gaming operators tend to do better at moving their customers along the KYC funnel,” while medium and small operators face “sharp drop-offs.”
92.5 percent of all prospective customers in the UK who begin an onboarding journey with a big operator complete the KYC process and become legal customers, according to the survey.
According to the study, this reflects a 9.3 percent higher success rate than small and medium operators, which have an overall success rate of 83.2 percent.
Customer onboarding and KYC
Customer onboarding and KYC are praised by the company as a “significant point of loss for any operator,” adding that “having enticed customers to the top of the funnel with advertising, bonus offers, and affiliate programmes to get them in the door, if the industry is failing to convert traffic to customers, then marketing spend, and potential revenue, is being lost.”
The source of funds is often said to be a “contentious issue for customers during the onboarding journey,” with 35 percent of customers dropping out on average across all operators when asked to provide such information.
HooYu’s marketing director, David Pope, explained: “This research highlights the damage being done across the sector when operators don’t refine their KYC processes.
“For a few relatively low effort changes, operators could be winning thousands more customers with a smooth onboarding journey UI and UX that customers find easier to complete so they can successfully deposit and get that bet on in time.”