Tuesday September 17,2013 : ONLINE GAMERS INTOLERANT OF ID CHECKS
Want fast, simple procedures in less than four minutes
Information services provider Experian revealed interesting survey results on a customers tolerance for the time taken to undergo identity verification checks before they abandon a transaction.
Across a range of sectors, online gambling fared worst with the lowest tolerance time of four minutes compared to five minutes for retail transactions and six minutes for transport.
The study shows how the simplicity or complexity and duration of identity and security procedures can result in lost business.
The analysis revealed 45 percent of UK adults frustrated with identity and security checks backed out of an online transaction. 47 Percent of those took their custom to a competitor, 20 percent gave up completely, and 17 percent tried again at another time.
Demographic profiling showed that pensioners in their 70s, 80s and 90s were the most patient sector of society. In contrast, typically young, single adults on limited incomes (Upper Floor Living Group) were the least patient with 43 percent saying they had abandoned one or two transactions because of lengthy security checks and 16 percent having done so frequently.
49 Percent of UK adults believe internet transactions are becoming increasingly time consuming, and 53 percent said too complicated.
Nick Mothershaw, Director of Identity & Fraud at Experian, said: “Identity verification is becoming an increasingly important part of e-gaming operations, particularly as the online industry for this sector grows, and the process of dealing with consumers face-to-face is becoming less commonplace. However time-consuming they appear, identity checks are in all our interests, not only protecting businesses from fraud but also individuals.”
With a focus on the online gaming sector, "identity impatience" has improved by one minute compared to 2011 figures; however, consumers are still only willing to tolerate four minutes before opting out.
In contrast, customers purchasing a mortgage are prepared to endure ten minutes, while both insurance and travel consumers will on average tolerate a nine minute window.
“Customers are looking for a quick, easy procedure when opting to partake in online gaming. The more straightforward the system, the better for both the customer, as well as provider," concluded Mothershaw.
“Our research shows that e-gaming businesses are at risk of losing out on trade as thousands of consumers are taking their custom elsewhere. It is therefore vital for online gaming outlets to make sure the transaction process is as fast and simple as possible, without compromising the level of site security, in order not to miss out on business".