Can Online Casinos’ Signup Process Deter Players? Banking Platform TrueLayer Investigates

Efficiency is the main criterion by which most services are judged. If a service is not provided quickly, then that might be reason enough for a client not to follow through with the purchase. What does this have to do with gambling? Well, lengthy sign-up processes may also be the reason why operators lose potential customers.

This begs the question: can iGaming companies provide a quicker and more smooth signup process? TrueLayer, a worldwide open banking platform, aimed to answer this question, in collaboration with YouGov. In its published report, this banking platform provided practical recommendations on how such companies can optimize their onboarding procedures in a way that minimizes customer drop-off and increases user adoption. Here are the key takeaways from the report.

The Issue With Slow Signup Processes

The process of onboarding can create challenges for operators. On the one hand, they have tight demands to comply with, and on the other hand, there’s the risk of losing customers if the sign-up process is excessively time-consuming.

That said, the report makes it clear that most customers are typically not willing to spend more than 10 minutes signing up for an account. And unfortunately, iGaming operators seem to have it worse, as 58% of players abandon the process after a five-minute attempt!

Andre Reina, product lead at TrueLayer highlights the bind that operators find themselves in as they strive to comply with the tight demands of the UK Gambling Commission that seeks to minimize money laundering through severe KYC and other restrictive compliance measures.

This is the reason behind the never-ending list of questions that companies ask their clients to answer. Added to that, large companies also tend to operate in several countries around the world, which comes with extra requirements to comply with.

It comes as no surprise, therefore, that around 40% of igaming customers in the UK have given up when signing up for an account.

The Reasons Behind Lengthy Sign-Up Processes 

The verification of identity and payment processes during the signup procedure are the most challenging steps. Despite this, players still demand a quick experience, with 57% of them willing to wait only up to half an hour to get their details verified. However, Reina points out that these steps often introduce friction and pose risks of errors or fraudulent activity.

As Reina points out, the process of signing up for a service often involves manually entering personal information such as name, date of birth, and address, followed by a request for the user to input debit card details for payment. This can be a cumbersome and error-prone process, involving potential restarts due to mistakes. Additionally, some operators may require additional steps such as providing proof of identity and place of residence, which further complicates the process.

According to Reina, operators of all sizes face challenges in balancing compliance and security concerns with providing a smooth signup experience. However, regardless of their size, the outcome is the same – poor conversion rates and money down the drain. Reins notes that the reason why users do not convert may very well be the unwieldy signup processes. Therefore, to attract new customers and retain existing ones, operators need to streamline the signup process without negotiating on compliance or security. Open banking can be advantageous in this regard, as it offers significant benefits in terms of improving the signup process and enhancing user experience.

A Possible Solution

It should be rather straightforward: operators should provide new players easy registration, accompanied by a KYC process which should take no longer than half an hour. To achieve such goals, operators must leverage an open banking technology that is rich in data, thus enabling igaming companies to double-check data more efficiently while simplifying the process of signing up for an account.

There are a multitude of operators out there that could benefit from implementing such swift signups, many of which are part of Headline Casinos’ inventory. This includes Spin Rider, which not only ranks highly for its game offerings and overall stellar rating, but also has some generous promotions like a €4500 match bonus!

As per Reina’s recommendation, operators need to adopt an approach where visitors create an account and wager a particular amount, up to a certain threshold, then get that bank-sourced information before more thorough checks are triggered. According to Reina this streamlining of steps and checks can serve to attract customers. Then, as users deposit more money, operators can request additional information and conduct more thorough checks.

Avoiding excessive manual data entry is crucial for a seamless signup flow. Studies have shown that one-fourth of iGaming players interviewed cited cumbersome data input as one of the reasons for abandoning the process of creating an account. In addition to the negative impact on player experience, manual form filling also increases the risk of fraudulent activity and abuse, as bad actors may exploit the process by creating additional accounts.

Open banking technology, such as Signup+, addresses these challenges by automatically populating the necessary information from the player’s bank account, eliminating the need for manual intervention. This results in a more user-friendly process that reduces churn and minimizes fraud risks throughout the customer’s lifecycle.

The Key That Makes Way For Additional Solutions

When it comes to account creation, ensuring a seamless process is essential for igaming companies, regardless of their size. If there are excessive obstacles during the process of signing up, it can result in customers getting frustrated and calling it a day. Open banking offers operators the ability to efficiently and securely gather the necessary information for user onboarding.

Furthermore, open banking provides operators with additional features that can enhance customer adoption and extend the lifecycle of existing customers, including heightened security measures and instant withdrawals.