Maximize Digital Experience During Social Distancing
Smarter digital authentication practices allow for easy and secure financial interactions when face-to-face isn’t possible.
Financial institutions have a delicate opportunity to earn loyalty while validating or authenticating customers’ interactions over digital channels. 'Delicate’ because friction, such as applying overly cautious authentication methods, or a detour into a manual review queue (i.e., false positives), frustrates customers and jeopardizes their lifetime value.
Over 40%1 of consumers say they would change their financial services provider if they found one with a better digital experience. In an analogous scenario, nearly 40%2 of consumers abandon a credit card after suffering a false decline, while another 25 percent decrease usage of the declined card.
Authentication sets the tone3 for customers’ feelings toward the bank. That’s important according to Forrester’s 2019 U.S. Customer Experience Index, which shows4 "emotionally positive experiences" may be the primary means by which brands can differentiate their customer experience today.
According to McKinsey, “Companies that successfully deliver a remarkable digital experience while also keeping customers’ data safe can see a potential 20 to 35 percent boost in customer-satisfaction scores.”
Unfortunately for many financial institutions, current digital authentication practices put a damper on what could be a positive moment in the customer relationship. These legacy practices impose too much friction and, if the authentication attempt fails too many times, force customers to prove themselves in an even more stringent manner.
Read this whitepaper to learn how device-based identity verification improves customer service and security.