2019-12-12 True Cost of User Onboarding
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Effective Cost / Onboarding (eCPO)
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Comment
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Onboarding Conversion Rate End-to-End42%
(% of users completing the onboarding journey * % of users who pass the KYC/AML check after submitting an application), based on an built onboarding process
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... Onboarding Journey Abandonment Rate40%
(1 - % of users completing the onboarding journey), users dropping out of the journey who have intent in using the product but never submit an application
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... Approval Process Abandonment Rate30%
(1- % of users who pass the KYC/AML check after submitting an application), users which cannot be approved due to incomplete applications or because they meet rejection criteria
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Benchmark Conversion Rate70%
Benchmark for a conversion-optimized KYC/AML process, such as provided by Fractal
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... Benchmark Onboarding Journey Abandonment Rate16%
target journey abandonment rate with benchmark conversion
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... Benchmark Approval Process Abandonment Rate16%
target approval process abandonment/rejection rate with benchmark conversion
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User acquisition costsUsersTotal CostCPA
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Actual CPA / Prospect4.762$23.095,24$4,85
Total cost of user acquisition and number of users that need to be acquired in order to reach the target amount of users based on the Cost-per-Acquisition (CPA, users trying to onboard) and the effective end-to-end onboarding rate of an internal KYC/AML process
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Actual CPA / Onboarding2.000$23.095,24$11,55
effective CPA for succesfully onboarded users (Total user acquistion costs/onboarded users)
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Benchmark CPA / Prospect2.857$13.857,14$4,85$4,62Inefficient Marketing Spend
Total cost of user acquisition and number of users that need to be acquired in order to reach the target amount of users based on the Cost-per-Acquisition (CPA, users trying to onboard) and the improved benchmark onboarding conversion rate of a KYC/AML-onobarding-as-a-Service process
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Benchmark CPA / Onboarding2.000$13.857,14$6,93
effective CPA for succesfully onboarded users (Total user acquistion costs/onboarded users)
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KYC/AML processing costsUsersTotal CostCPA
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Actual Unit Cost / Prospect2.857$12.380,00$4,33
Total cost of KYC/AML processing and number of users that need to be processed for KYC/AML after submitting an application in order to reach the target amount of users based on the KYC/AML Unit costs and the onboarding journey abandonment rate of an internal KYC/AML process
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Actual Unit Cost / Onboarding2.000$12.380,00$6,19
effective CPA for succesfully onboarded users (Total KYC/AML processing costs/onboarded users)
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Benchmark Unit Cost / Prospect2.390$10.357,85$4,33$1,01
Inefficient Operational Expenditure
Total cost of KYC/AML processing and number of users that need to be processed for KYC/AML after submitting an application in order to reach the target amount of users based on the outsourced KYC/AML-as-a-service Unit costs and the improved benchmark onboarding conversion rate of a KYC/AML-onobarding-as-a-Service process
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Benchmark Unit Cost / Onboarding2.000$10.357,85$5,18
effective CPA for succesfully onboarded users (Total KYC/AML processing costs/onboarded users)
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