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In the world of identity management and security, fraudsters are constantly evolving their tactics, exploiting weaknesses in outdated device identification methods. For fraud, identity and digital experience teams, securing...
The pandemic, that’s still lingering well into 2021, has only accelerated our digitized world. By mid-2020, more than 85,000 businesses launched online shops due to lockdown laws that came to play. Because of this, businesses need to stop and evaluate how this change is affecting their interactions with customers and therefore their business. With everyone interacting with each other digitally, user experiences need to be altered and geared more towards the present state of conducting business.
Even in our pre-covid world, traditional methods of customer authentication were limited. The trade-off between security vs. customer service was apparent and problematic. Due to the accelerated rate of online business the limitations of authentication are more under the spotlight than ever before. Given how much business is now conducted online, what once passed off as acceptable authentication is no longer acceptable. Antiquated methods of authentication negatively impact customer experience, revenue, and business.
Here we discuss what identity experiences are, how they impact business and why they should be a strategic priority for any company.
What some businesses fail to grasp is that the authentication process of your website or call center is actually part of your customer experience. Unfortunately, many vendors miss the mark entirely when it comes to authentication. By relying on old methods, customers are faced with antiquated, time-consuming, and frustrating experiences. As a result, service, reputation, revenue, and business suffers.
What we’ve coined as identity experiences encompasses the entire online identity journey of a customer. By replacing traditional password-based authentication with the latest biometric technology customers are welcomed with a secure and seamless cross-channel authentication experience.
Competition within all industries is stiff. Vendors need to offer service that meets (and exceeds) the high demands of customers in order to keep them as happy, returning customers. By implementing identity experiences that aim to ease the entire process of customer service, including authentication, vendors are able to give customers an optimal, frictionless identity experience.
Password-based authentication wrecks havoc on business. How? The use of passwords results in unhappy customers who can’t successfully check-out because they can’t remember their password. Or the complicated authentication process needed to sign in scares off potential customers who never return. In fact, 55% of customers have stopped using a website due to the complicated login process.
Given the number of passwords customers have to remember, it’s unsurprising to learn that the average consumer reuses the same password up to 14 times. Consumers also tend to share their passwords often. This means that if their password is shared just once the likelihood of someone abusing one or more of their accounts is high. Once a password is shared there is very little control over how it’s used further. Some of the business implications of password sharing include: licensing abuse, usage monitoring and security. To learn more, read our dedicated article on why password sharing kills your bottom line.
Passwords are also easy to hack leaving you and your customers vulnerable to attacks. All these factors add up to lost revenue and damaged reputations.
By enabling your business with biometric authentication, customers are saved from the horrors of passwords and you in turn can build customer loyalty, increase business and personalize and tailor every identity experience.
Transmit Security passwordless authentication is the industry’s first app-less mobile authenticator that uses FIDO2 certified built-in device biometrics for reliable and consistent customer authentication across every device and channel. Using innovative technology, users can finally experience a truly passwordless method of authentication without downloading any additional app.
Experience usable security and 100% accuracy by using strong device biometrics such as face and fingerprint recognition to verify all your customers’ digital identities instantly. Remembering passwords, usernames and account resets are finally a thing of the past. Your customers can enjoy a truly passwordless experience when accessing web apps, mobile apps, call centers and in-store.
Transmit Security welcomes the end of poor customer experience and the beginning of a new standard of identity authentication that’s seamless and secure.
To learn more, download our report that covers the business implications of passwords.
