Customers want both security and convenience

Consumers value meaningful digital relationships based on trust

Positive Friction As the idea of a digital economy and seamless transactions permeates communities across the globe, so does the risk of fraud and online deception. Businesses are realizing that building meaningful digital customer relationships based on trust can foster more transactions, brand loyalty and a better reputation

We already know that customers are more willing to share data and go through extra steps to confirm their identity up front for a more convenient and seamless experience later on. But we now know that they're also willing to go through an even more thorough process to confirm a person's identity for the assurance of confidence in the platform and transaction at hand. In fact, Experian's recent 2019 Global Identity and Fraud Report that explores key factors that matter most to consumers for gaining trust and confidence in an increasingly digital world found that 74% of consumers cited security as the most important aspect of their online experience. At the same time, 72% said they would be willing to go through a more thorough enrollment process at account opening if it meant easier access to their accounts later, showing us the equivalent value of convenience and security. 

  • 66% of consumers worldwide say that they have confidence in a method that provides some visible signs of security (and friction)
  • 66% of consumers think that seamless access to their account within the banking digital platform is the most important feature1

So, while these savvy users want more immediate access, quicker check-outs, relevant recommendations, they also equally want to eliminate the risk that can often come with this expediency. Trust has become a key to success for businesses and financial institutions.

Fostering the trust consumers expect will build your customer base and loyalty to your brand

active authentication Because trust is the foundation of the customer's digital relationship with a brand, businesses are beginning to grasp the consumer's desire for both security and convenience. With so much rampant online deception like account-takeover fraud, fake news, catfishing and other digital and social media mishaps and crime, the amount of confidence a consumer can have in a business' digital channel can make the difference between gaining and losing potential transactions — and your brand's reputation, when you also consider the power of online reviews. A 2018 study conducted by Zogby analytics shows that consumers hold companies accountable and expect online businesses to conveniently verify identities online. Read the study here. 
  • 67% prefer doing business with a website that could guarantee a person is who they claim to be
  • 91% prefer companies that verify the identity of in-home service providers
  • 49% who have been deceived online never again interacted with that business / individual again2

Striking the right balance between security and convenience 

Security and convenience have traditionally been at odds with each other, though, having existing in an inversely proportionate relationship through the birth and growth of the digital economy. We understand that you want to provide a secure place for your customers to bank or do business — and that you most likely realize what a tall order an optimal negotiation between security and expediency can be. The right balance, and an online experience that customers expect, can be achieved with the latest, advanced technology and authentication methods. 

  • 46% of customers are more confident in banks who use physical biometrics to verify their identity
  • 74% of consumers indicated greater confidence in a business that uses physical biometrics3

As the landscape of the digital channel matures and online trust becomes vital for businesses and brands to retain today's astute customer, businesses will benefit from implementing a digital identity verification solution that provides a smooth and intuitive user experience with beyond-human levels of accuracy. Mitek's online identity verification solution, Mobile Verify® employs an easy-to-use combination of superb image-capture technology, AI machine learning techniques, biometric face comparison to return quick and conclusive results

Let us help you build trust, outdo your competition, and provide the value your customers expect. 

Find out how our digital identity verification solution works   


References
1. 2019 Global Identity and Fraud Report. Experian. January 2018. (http://images.go.experian.com/Web/ExperianInformationSolutionsInc/%7Bc73...)
2. 2018 Digital identity: Consumer confidence report. September 2018. (https://www.miteksystems.com/resources/2018-digital-identity-consumer-co...)
3. 2019 Global Identity and Fraud Report. Experian. January 2018. (http://images.go.experian.com/Web/ExperianInformationSolutionsInc/%7Bc73...)
 

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