Onfido Survey: Businesses Have Just 10 Minutes to Establish Trust Online or Risk Losing Customers
October 21 2021 - 3:00AM
Business Wire
New survey from Onfido and Okta reveals
pressure is mounting on businesses as customers’ need for speed
allows no room for compromise on security or experience
Onfido, the global identity verification and authentication
company, today announces the results of a new global study with
Okta Inc. (NASDAQ:OKTA), the leading independent identity provider.
The Digital by Default research report* revealed that businesses
have just 10 minutes to set up digital accounts or risk losing
consumer trust.
The significant growth in the adoption of digital services
throughout the pandemic has increased customers’ confidence in
accessing online services. More than half of customers feel more
comfortable online than before the pandemic, leading them to ditch
shops and in-branch visits in favor of digital convenience.
This rapid shift towards digital services capitalizing on
changing consumption models has intensified the customer
battleground--and savvy businesses are focused on creating trust in
new and improved online products and services.
The survey shows that robust security and a seamless user
experience are still non-negotiables when it comes to building
digital trust, and the speed of service has also become essential
to the digital consumer when setting up an online account.
Competing against the clock
- The survey showed that companies are “on the clock” the moment
that the digital onboarding process begins--with customers
expecting it to take no longer than 10 minutes.
- This is true across all industries; 65% want to open a bank
account in less than 10 minutes, 69% when booking a car rental, 72%
when opening a telemedicine account and 77% when registering a
gaming account.
- This need for speed extends to the ongoing service offering.
Once onboarded, customers feel that brands should know and trust
them, and therefore expect a much quicker authentication process
during the customer journey – even for transactions that present a
higher risk of fraud to themselves and the company. For instance,
approximately half of consumers expect that it should take less
than three minutes to approve a banking transaction (49%) or place
a bet (48%), and roughly 1 in 3 (35%) consumers believe it should
take the same time to fill a prescription.
- Customers also expect this process to be seamless and secure
across any device, anywhere. Yet currently, just one in three
consumers feel businesses recognize them when they use different
devices. This is critical to overcoming the time-intensive
re-authentication processes consumers typically face after being
blocked from accessing services, which 7 in 10 customers report
they’ve suffered in the last 12 months due to a lack of efficient
digital processes.
Biometrics as a prerequisite for customer onboarding
- Time is now as critical to the digital customer as user
experience and security, yet there appears to be little room for
compromise. This presents a significant challenge in a climate of
heightened fraud, with the latest Onfido Identity Fraud Report
revealing a year-over-year increase of 41% in the rate of identity
fraud. Pressure is therefore mounting on businesses to explore new
digital verification methods that can reduce friction for
consumers, while offering a robust defense against fraud.
- The vast majority of respondents (91%) who have had their
identity verified by submitting a photo of an identity document
would like to use this method again. Biometrics are also emerging
as the preferred option for digital consumers with 8 in 10
consumers saying they find biometrics such as a facial biometric
both convenient and secure. These positive experiences are
catalyzing a wider shift among all consumers, with 70% reporting
they would be open to using biometrics to authenticate themselves
instead of a password.
"From the moment a consumer visits a service provider's website
or downloads an app, they're evaluating whether the business can
deliver a trusted digital service, providing security and keeping
their data private,” says Mike Tuchen, CEO, Onfido.
“Businesses have just minutes to establish the confidence that
consumers expect in the digital world. Those that can offer low or
zero friction during verification and authentication will
positively differentiate themselves in a market where digital
services have become the norm and consumer trust breeds brand
loyalty."
“Ensuring that digital account onboarding and access meets
users’ expectations for speed, experience and security will require
many businesses to reassess their identity platform requirements,”
says Ben King, Regional Chief Security Officer, Okta. With
biometric recognition putting identity at the heart of the
authentication process to offer a robust yet seamless experience
across any and every device, it is little surprise that consumers
worldwide are increasingly opting for it in place of traditional
passwords or in-branch verification checks.”
If you would like to understand more about the shift in global
consumers’ expectations around digital verification and how brands
can best meet them without compromising on security download the
full report here.
*About the research
Dynata surveyed 5,000 consumers from the U.S., U.K., France,
Germany and the Netherlands in September 2021.
About Onfido
Onfido is setting the new standard for digital access. The
company digitally proves a user’s real identity using artificial
intelligence (AI), by verifying a photo ID and comparing it to the
person’s facial biometrics. This means businesses can see their
customers for who they are, without compromising on experience,
conversion, privacy or security. That’s how Onfido gives companies
the assurance they need to onboard customers remotely and
securely.
Recognized as a global leader in AI for identity verification
and authentication, Onfido is backed by TPG Growth, Crane Venture
Partners, Salesforce Ventures, M12 - Microsoft’s venture fund, and
others. Onfido has raised $200m in funding, and with 400 team
members across seven countries, is enabling digital access for some
of the largest companies around the world.
www.onfido.com www.linkedin.com/company/onfido/
www.twitter.com/onfido
About Okta
Okta is the leading independent identity provider. The Okta
Identity Cloud enables organizations to securely connect the right
people to the right technologies at the right time. With more than
7,000 pre-built integrations to applications and infrastructure
providers, Okta provides simple and secure access to people and
organizations everywhere, giving them the confidence to reach their
full potential. More than 13,050 organizations, including JetBlue,
Nordstrom, Siemens, Slack, Takeda, Teach for America, and Twilio,
trust Okta to help protect the identities of their workforces and
customers.
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version on businesswire.com: https://www.businesswire.com/news/home/20211021005397/en/
Paul Jarratt Onfido press@onfido.com
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