The GlobalWebIndex survayed 850 Americans and 610 citizens of the United Kingdom between sixteen and sixty-four years of age about opening new online accounts.
There are often numerous hurdles to jump when signing up to a new account. Among consumers who’ve opened an account in the past month, 93% said they had to do at least one of these actions.
- Verified the account using email or SMS – 50%
- Prove you’re not a robot – 41%
- Read a page full of terms and conditions – 36%
- Download an app to your phone – 35%
- Answer a knowledge-based question – 18%
- Prove your identification with a phone call – 12%
- Prove your identity with your phone camera – 11%
- Visit in-store to verify your ID – 9%
While most of these verification tactics are commonplace and fairly easy for users to execute, the one that is most annoying is being forced to read the terms of service and privacy policies.
According to Visual Capitalist, among the major digital platforms, the quickest read of such legalese is Instagram’s terms, which would take the average user nine minutes and forty-two seconds to read.
Conversely, users would need to set aside an hour, three minutes, and thirty seconds to get through Microsoft‘s epic CYA document. It would be much more edifying to read Shakespeare’s Macbeth, and you would only need an additional seven minutes and forty-eight seconds to complete.
80% of grocery account openers say that once they’d opened the account the service was straightforward and easy, compared to 74% of financial service account openers, and 64% of entertainment account openers.
And consumers who’ve had a bad experience signing up to a service online are 59% more likely than the average internet user to ask a question to a brand on a social network. Read the rest at GlobalWebIndex.
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