Global customer onboarding platform HooYu has published a report examining the problems faced by both UK-based and international gaming operators regarding user abandonment.
In addition to investigating onboarding, HooYu also looked into contrasts in funnel performances between small, medium and large operators, and how long it takes different operators to perform KYC initiatives.
The report found that customer onboarding and KYC is a ‘significant point of loss for every operator’, as failure to convert traffic to customers can result in companies losing out on potential revenue streams and marketing spend, even after drawing users’ attention to their products and services.
Breaking down the statistics, HooYu reported that customer abandonment is much lower in the UK at only 14%, whilst for non-UK based operators the figure is much higher at 30%.
“This research highlights the damage being done across the sector when operators don’t refine their KYC processes,” said David Pope, Marketing Director or HooYu.
“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.”
As well as publishing its own findings, HooYu’s report features insights from operators regarding the reasons why stage drop occurs, and when this is most likely to happen.
Operators responded that isolating and solving the reason for customer drop-off could see drastic improvements regarding KYC activities, and lead to tens of thousands more successful sign-ups for gaming companies.
Central to HooYu’s own onboarding strategy is the combined blend ID document validation, digital footprint analysis, geo-location and facial biometrics with traditional database checks and PEPEs and sanctions screening.
In January of this year the firm launched its new UX and UI tools for iGaming clients, designed to ‘increase success rates at the point of sign-up and payout’ for gambling operators, supporting firms with icons, buttons, fonts and brand colours and custom measures.
The company’s services are currently used by banks such as NatWest, as well as leading online and retail gambling operators such as Betfred and Ladbrokes Coral, working to identify collusion in betting.