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As a customer, there are few things more frustrating than being locked out of your own account. The steps needed to reset your password, wait for a code, or worse having to phone into a call center are just some of the many roadblocks customers face when they find themselves in this all too common scenario. Locked accounts are the source of customer frustration and have detrimental implications to your customer experience journey.
Read on to find out what causes failed login attempts, the many ways it implicates your business and why biometric authentication is the answer to ending the password regime.
87.5%. That’s how many consumers found themselves locked out of an online account due to too many failed login attempts (Transmit Security). Given the high frequency rate of this scenario, Transmit Security’s CEO, Mickey Boodaei gives the following insights as to why failed logins happen:
Technical issues
Too many passwords
Attackers failed attempts
The implications of getting locked out of an account has detrimental effects to both customers and vendors. Here’s how:
Customer frustration and stress
Traditional methods of ‘strong’ authentication include knowledge-based questions, one-time codes sent via text messages or email or the use of hardware devices. Basically, a process full of complexity, roadblocks and frustration that customers have to navigate through. Due to this, 88% of users are less likely to return to a website after a bad user experience (Designers). That’s a huge amount of potential customers who may never return – and not because of your actual product or service but due to complex authentication and the frustration it causes.
Session abandonment
A lot of money goes unspent online due to passwords. About a third of online purchases are abandoned at checkout because consumers cannot remember their passwords (MasterCard). That’s a huge amount of potential revenue you’re missing out on due to password and authentication issues. And the effects are long-lasting – convincing those customers to return is almost an impossible task.
Increase in support calls and inquiries
According to Gartner, up to 40% of a service desk’s call volume is just password resets. This statistic shows just how many customers struggle with password related issues and that support centers are overloaded with requests that are irrelevant to their actual offering or service.
Failed login attempts are an extremely common scenario that consumers have to deal with. Getting rid of passwords entirely would solve the issue of customers not remembering their passwords and therefore getting locked out of their accounts. By eliminating passwords all together, all the frustration and friction within authentication today would automatically be taken out.
By replacing passwords with FIDO certified biometric technologies such as Transmit Security passwordless authentication, customers will be able to seamlessly and effortlessly access their online accounts. As a result of this improved experience, businesses will benefit from an increase of customer loyalty which naturally leads to more profit. With no passwords in sight, the move to biometrics also reduces the ability of hackers to perform account takeover attacks as there is nothing to ‘steal’.
Ready to learn more about the impact of passwords on your business, bottom line and revenue? Download our report today!
