Customers will spend five minutes on average undergoing security checks before abandoning an attempt to open a new banking facility online.
That’s according to research from Experian which also shows that this is extended for in-branch banking, where customers are prepared to wait for an average of six minutes before giving up.
Nick Mothershaw, director of identity & fraud at Experian, comments: “Online banking has boomed in recent years and customers expect a quick, smooth process when checking out their basket or signing up to a service. Our tolerance time is short at only five minutes, so it’s up to retailers to make sure they make it as fast and easy as possible without compromising on levels of security. The message for providers using older forms of identity verification and other security procedures is to make the checks faster and less onerous.”
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