The future of customer identity
What makes a customer choose one business over another? Of course, the decision can come down to the strength or uniqueness of the service on offer. But in a crowded e-commerce landscape, considerations like how quickly payments can be made, how easy it is to register and how secure a service feels, cannot be underestimated. Identity has become a key element of the customer journey.
It has been well documented that 43% of customers abandon onboarding due to frustrations with Know Your Customer (KYC) processes. The challenges don’t stop when an account has been set up, passwords are easily forgotten and OTPs present a significant delay to the customer journey. Large businesses spend as much as $1million every year managing password resets.
Businesses across all sectors are recognising that performing onboarding and authentication checks quickly and seamlessly, will lead to better conversion rates and increased revenue. At the same time, leveraging new technologies to increase the security of these checks will help to prevent fraud.
Optimising data use
A reduction in human intervention will also help businesses to enhance data protection in line with increasing regulatory obligations around privacy. Given that 90% of consumers want more transparency over how their data is used, this will also be key to earning customer trust. Data breaches are extremely damaging to a brand’s reputation and integrity.
And the possibilities don’t end there. Research shows that nearly half of consumers will be likely to become a repeat customer after receiving a personalised experience. By linking a customer profile to an identity, rather than allowing this data to reside in siloes, businesses can unlock nuanced insights into behaviour and demand and provide targeted products and services across the user journey.
Customer loyalty is vital to the success of businesses across the retail, travel, gaming, entertainment, sharing economy, healthcare and other forward-thinking industries. A business has to earn its customers and then keep them, a pressure that is felt even more acutely during challenging economic times.
This need to stand out in a competitive and fast moving consumer landscape, together with new regulations like PSD2 now impacting sectors beyond financial services, are pushing customer identity to the top of the innovation priority list. Businesses everywhere are looking to actively improve and streamline their customer identity management, developing roadmaps and embracing partnerships to deliver this transformation.
Future Identity Customer is here
Future Identity Customer will bring together a community of innovators from consumer facing businesses in retail, gaming, mobility, entertainment, travel, healthcare and other key sectors. Through regular content and dedicated events we will explore how digital identity can deliver greater trust, privacy and personalisation to enable the ultimate customer experience.
Join us for the launch of Future Identity Customer Europe on 16th May. In co-location with FTT Embedded Finance & Super Apps and Customer Alpha, this one-day event will bring together 500+ attendees at The Convene at 22 Bishopsgate, London.
More details coming your way very soon! Join our community today to be the first to hear the latest updates.