A study performed on UK customers by Experian found that consumers on average will abandon transactions when identity checks take 7 minutes or longer to complete, although there is variation across verticals. This underscores the importance of organizations being able to present and perform these checks within an acceptable time frame or standard for their industry.
Identity checks might be in everyone’s best interest, but 45 percent of survey respondents backed out of at least one online transaction due to the length and complexity of the identity checks. Of this group, nearly half took their business to a competitor. Extended waiting times give consumers the opportunity to re-evaluate whether a purchase is necessary, and to look up products elsewhere to find a better price, or a quicker check-out process.