This week we feature an article by Christina Lutrell about understanding the shifting consumer experience while maintaining your customer’s trust. As we know, consumer experience and expectations have changed rapidly in response to new technologies, market forces and security concerns. With an increasing number of high visibility data breaches every year and mobile playing a […]
This week we feature an article by Christina Lutrell about understanding the shifting consumer experience while maintaining your customer’s trust.
As we know, consumer experience and expectations have changed rapidly in response to new technologies, market forces and security concerns. With an increasing number of high visibility data breaches every year and mobile playing a more prominent role in everyday transactions, consumers are not only becoming more aware and involved in protecting their identities but also demanding more secure, easy and seamless transactions.
Understanding the shifting consumer experience related to security, convenience and speed is key to providing great customer service and ensuring loyalty and engagement, while establishing trust.
Recently released, IDology’s Second Annual Identity Consumer Study sheds light on the latest consumer experience trends and the impact they’re having on businesses.
Mobile-first and Mobile-only Mindsets
Mobile-first is not a new concept, but as a growing number of consumers flock to open accounts on mobile devices instead of computers, businesses need to start thinking about mobile-only experiences. The study revealed that, for the first time, Americans opened more new accounts online on mobile devices (61%) than on computers (56%) over the past 12 months, and 20 percent of consumers registered for new accounts exclusively on mobile devices, an increase of 10 percent compared to last year.
From a business perspective, mobile gives potential and existing customers the ability to onboard and transact wherever, whenever. However, to ensure customer, businesses need to create superior mobile experiences while also making mobile security and validation a priority.
Fast, Easy and Secure
Consumers expect the mobile experience to be seamless, secure and fast – otherwise, they quickly abandon account enrollment: 37 percent of consumers abandoned a signup process in the past 12 months because it took too long or difficult and for less than half (43%) of consumers, the account signup processes they experienced on their smartphones were “extremely” or “very” easy.
Especially during mobile interactions, each additional step a business puts between itself and a consumer creates friction that can have a negative impact on customer acquisition and service. To prevent friction during mobile account signup, businesses should consider new technologies that can improve and simplify the process and allow them to deploy dynamic escalation methods only when needed.
We learned from the study that consumers are open to using technologies that prefill their information. Beyond prefill, 34% were open to mobile document capture. Using a picture of a driver’s license to pre-populate a form or verify an identity is a relatively new approach with a variety of potential applications. In the last 12 months, more than 50 million Americans submitted a picture of their license through their smartphone as part of an identity verification process. Businesses not offering this option could be adding unnecessary friction and time to the process.
Employing a multi-layered approach to identity proofing that leverages various types of authentication and offers the right amount of friction at the right time can elevate customer trust, facilitate onboarding, increase business identity assurance and shut down fraud.
Security and Identity Protection Expectations
The study also showed that consumers are more concerned about protecting their own personal information, with an increase in the past year of 15 percent who strongly feel it’s their personal responsibility. Consumers also expect businesses to do more to protect their personal data. Seventy-eight percent strongly believe that organizations need to protect their information, an increase of 16 percent.
These data points show us that because consumers are increasingly concerned of the security of their data, trust assurance is highly important for the consumer experience: with higher trust comes loyalty.
By deploying more advanced and robust identity verification and authentication processes, companies can elevate consumer trust, unlock more value and gain a competitive edge, both in the user experience on the front-end and risk mitigation on the back-end.
To accomplish this, companies need flexible identity verification and authentication that improve the customer experience through a layered approach that employs behind-the-scenes technology, consortium data and machine learning to identify consumers with minimal friction.
Christina Luttrell is the Chief Operating Officer for IDology, a GBG company and leader in multi-layered identity verification and fraud prevention. In her 10 years at IDology, Luttrell has significantly advanced the company’s technology, forged close relationships with customers and driven the development of technology innovations that help organizations stay ahead of constantly shifting fraud tactics without impacting the customer experience.
For more articles from Shep Hyken and his guest contributors go to customerserviceblog.com.
Read Shep’s latest Forbes article: The Real Reason Shoppers Aren’t Returning
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