Menu
Banking Exchange Magazine Logo
Menu

Why consumers bail on mobile

Nearly 1 in 4 don’t finish financial enrollments

  • |
  • Written by  Website Staff
  • |
  • Comments:   DISQUS_COMMENTS
Why consumers bail on mobile

More than half of U.S. smartphone owners (56%) abandoned a mobile transaction in 2014, according to a study by Jumio, an identity management and credentials company.

As high as that number is, it represents a fall from the company’s 2013 survey, which found that 66% of respondents failed to complete a transaction due to issues during checkout.

The study also found that nearly a quarter of consumers abandon their attempts at opening a financial services (23%) account, and over one-third (34%) of those who abandon a transaction do not attempt again.

In the latest survey the firm found that purchase uncertainty, slow loading times, and difficulty with navigating the checkout process were the prime reasons for abandoning transactions.

Nearly one-half (46%) of users report that apps and websites that are easier to navigate or use on mobile devices would make them less likely to abandon a transaction.

Delving into abandonment causes

"While consumers were less likely to say they'd abandoned a transaction that involved opening an account, as compared to making a purchase, this may be in part because these transactions typically require some degree of forethought and commitment, particularly in financial services,” says Marc Barach, chief marketing officer, Jumio, of the lower rate of abandonment on financial account openings.

Financial businesses, Barach says, “still need to keep factors such as ease of use and security top of mind to maximize the number of users who complete their transaction moving forward."

Though Barach notes that checkout experiences remain far from seamless, the picture may change in the near future.

"As mobile transactions continue to skyrocket, so do abandoned purchases, incomplete account openings, and lost revenue," says Barach. "Businesses have heeded the warning and are finally prioritizing mobile checkout experiences, underscored by the 10% improvement in abandonment rates over the last two years.”

After purchase uncertainty (45%), issues with speed (36%) and ease of navigation (31%) are top reasons cited by those who have abandoned a mobile transaction. In fact, users are more likely to abandon a purchase due to user experience issues than due to the security of payment (27%) or personal information (26%).

back to top

Sections

About Us

Connect With Us

Resources

Webinar: In-person and Remote Banking –
Why this Hybrid Model is the Future of the Branch

Banks combine the brick and mortar
physical banking experience with virtual banking

Time/Date: August 5th, 2021 2:00 P.M. ET

As consumers increasingly prefer to engage with their bank remotely instead of going to a branch location, institutions are looking to modernize the ways in which they interact with customers. Depending on the complexity of the banking activity, some consumers will use self-service digital channels while others will turn to channels where they can get human help. In a hybrid banking model, banks combine the brick and mortar physical banking experience with virtual banking.

In this webinar, OneSpan and guest speaker Alyson Clarke, Principal Analyst at Forrester Research, will discuss why hybrid banking will become mainstream and the importance of putting the right tools in place to support remote account opening, account maintenance, wealth management, and lending.

REGISTER NOW!

This webinar is brought to you by:
OneSpan Logo