New Research from Mitek Reveals Americans Want Companies to Take Extra Steps to Verify Identity Online
September 20 2018 - 8:00AM
Mitek (NASDAQ: MITK, www.miteksystems.com) today released the
findings from its 2018 Digital Identity: Consumer Confidence
Report. The survey, conducted by Zogby Analytics, examined the
behaviors and sentiments of U.S. consumers around trust and
identity verification with digital interactions.
Over the last decade, social networks and digital commerce
platforms have become mainstream for consumers and businesses
alike. In fact, according to a March 2018 report by the Bureau of
Economic Analysis, the digital economy has grown at an average
annual rate of 5.6 percent in the last 11 years compared with the
1.5 percent growth in the economy as a whole. Despite this growth,
high-profile data breaches and mounting data privacy concerns have
caused consumers to be more cautious than ever before when it comes
to online interactions. As a result, organizations are increasingly
scrutinized for their ability to verify their users’ identity as
consumer demand for trust continues to grow. In fact, nearly all
survey respondents (99%) said the feeling of trust is important to
them when it comes to doing business online.
Taking this a step further, even in the era of instant
gratification, consumers want online businesses to take extra steps
to verify the identity of their users. They are willing to put up
with some friction online if it makes them feel confident that the
person they are doing business with is who they say they are – as
long as it is done reliably and they don’t have to take action in
person. Eighty-five percent of respondents said they are more
likely to interact with websites that have a ‘seal of approval’
indicating that they verified the identity of all users vs. sites
that do not.
“Consumers are cautious when it comes to online interactions,”
said Kalle Marsal, chief operating officer at Mitek. “Companies
have to work harder to build trust, loyalty and a good reputation
with their customers, especially in digital channels. With the
volume of online transactions and communications continuing to
grow, consumers will proactively seek out businesses they can
trust. Because of this, identity verification is no longer a
nice-to-have, but a must-have.”
Key findings from the survey include:
Convenience takes a back seat when it comes to online
safety
- 85% of U.S. consumers are more likely to interact with websites
that had a ‘seal of approval’ indicating that they verified the
identity of all users vs. sites that did not
Consumers expect online businesses to have the right
tools for verifying identity online
- 94% said being able to complete their transaction online,
without having to mail in anything or go to a location in person is
important and 62% say it’s very important
- 67% said they would be more likely to do business using a
website that could guarantee that a person is who they claim to
be
Creating trust with digital users is imperative for
customer retention
- 49% of users that have been deceived online never did business
or interacted with that business/individual again
- 82% are concerned that people on websites that connect users
with individuals offering goods or services aren’t being honest
about who they are when it comes to doing business online
- 85% are concerned that if something goes wrong with a
transaction, they are on their own to take care of it
Identity verification is especially important to digital
users tapping into the gig economy
- 91% of Americans are more likely to do business with in-home
services, such as dog walking, home repair or childcare, that
validate identity before inviting someone into their home
- 82% of respondents are concerned that e-commerce websites
aren’t doing enough to verify that users are who they claim to
be
Download the full report on company website.Read blog and view
infographic on the survey findings.
Survey Methodology
Zogby Analytics was commissioned by Mitek to
conduct an online survey of 1176 digital users in the U.S. Using
internal and trusted interactive partner resources, thousands of
adults were randomly invited to participate in this interactive
survey. Each invitation was password coded and secure so that one
respondent could only access the survey one time. Using information
based on census data, voter registration figures, CIA fact books
and exit polls, we use complex weighting techniques to best
represent the demographics of the population being surveyed.
Weighted variables may include age, race, gender, region, party,
education, and religion.
Based on a confidence interval of 95%, the
margin of error for 1176 is +/- 2.9 percentage points. This means
that all other things being equal, if the identical survey were
repeated, its confidence intervals would contain the true value of
parameters 95 times out of 100. Subsets of the data have a larger
margin of error than the whole data set. As a rule we do not
rely on the validity of very small subsets of the data especially
sets smaller than 50-75 respondents. At that subset we can make
estimations based on the data, but in these cases the data is more
qualitative than quantitative. Additional factors can create error,
such as question wording and question order.
About MitekMitek (NASDAQ: MITK) is a global
leader in mobile capture and digital identity verification
solutions built on the latest advancements in AI and machine
learning. Mitek’s identity verification solutions enable an
enterprise to verify a user’s identity during a digital
transaction, which assists financial institutions, payments
companies and other businesses operating in highly regulated
markets in mitigating financial risk and meeting regulatory
requirements while increasing revenue from digital channels. Mitek
also reduces the friction in the users’ experience with advanced
data prefill and automation of the onboarding process. Mitek’s
innovative solutions are embedded into the apps of more than 6,100
organizations and used by more than 80 million consumers for mobile
check deposit, new account opening and more. Learn more at
www.miteksystems.com.
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Mitek Contact:Ann ReichertSenior Director of
Marketingpr@miteksystems.com
Marissa Livingston LEWIS for Mitek
MitekUS@teamlewis.com
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