New research found that businesses have only 10 minutes to set up digital accounts or risk losing consumer trust
Identity verification and authentication company Onfido and identity provider Okta have announced a joint report into establishing trust online.
Digital by Default’s standout result was that businesses have just 10 minutes to establish trust online or risk losing consumer trust. That’s despite the growth in access to digital services caused by the COVID-19 pandemic, with more than half of customers now feeling more comfortable online compared to before.
“From the moment a consumer visits a service provider’s website or downloads an app, they’re evaluating whether the business can deliver a trusted digital service, providing security and keeping their data private,” said Mike Tuchen, CEO, Onfido.
“Businesses have just minutes to establish the confidence that consumers expect in the digital world. Those that can offer low or zero friction during verification and authentication will positively differentiate themselves in a market where digital services have become the norm and consumer trust breeds brand loyalty.”
Other key findings included:
“Ensuring that digital account onboarding and access meets users’ expectations for speed, experience and security will require many businesses to reassess their identity platform requirements,” said Ben King, Regional Chief Security Officer, Okta.
“With biometric recognition putting identity at the heart of the authentication process to offer a robust yet seamless experience across any and every device, it is little surprise that consumers worldwide are increasingly opting for it in place of traditional passwords or in-branch verification checks.”