Technology
As social distancing drives rapid migration to digital platforms, New research confirms the importance of a secure, easy onboarding experience
IDology’s Third Annual Consumer Digital Identity Study captures timely insights on how Americans view identity, digital account opening and fraud
In the last six months, an astounding number of consumers have migrated their everyday activities and transactions to online and mobile platforms out of necessity. As digitization accelerates, new research from IDology, a GBG Company, reveals how consumers view identity, digital account opening and fraud. The findings, combined with the changing fraud landscape, are a call for businesses to rethink online identity verification, particularly during onboarding. If ignored, the lost revenue could be significant as the report reveals that in the last 12 months, nearly 50% of consumers have abandoned online account sign-up because the process was untrustworthy or too difficult. Up from 37% in 2019, the abandonment rate has risen year over year.
“We’re experiencing a perfect storm in which digital identities are becoming a priority for consumers and businesses are beingforced to onboard a rapidly growing number of new customers, many of which are inexperienced with digital transactions,” said Christina Luttrell, COO of IDology. “At the same time, fraud tactics are becoming more plentiful and sophisticated. One of the major impacts of COVID-19 is the pressure for businesses to onboard new legitimate customers safely, which creates problems for those without the proper identity verification systems and processes in place. Now more than ever, success and revenue are tied to a multi-layered defense that can quickly deliver what people want while protecting their information and deterring fraud.”
The need for businesses to understand how these factors impact their ability to quickly greenlight customers and establish trust are further evidenced by these key findings from IDology’s Third Annual Consumer Digital Identity Study:
The Third Annual IDology Consumer Digital Identity Study reflects survey responses from 1,499 U.S. consumers between February 25, 2020 and March 7, 2020. The respondent panel was provided by research firm Qualtrics. Online survey respondents were representative of the online U.S. population 18 and older, which equals more than 225 million people.
-
Top Stories3 days ago
After VW plant victory, UAW sets its sights on Mercedes in Alabama
-
Business3 days ago
Mike Bahun and Fundraising University Make a Lasting Impact on Sports Programs Nationwide
-
Investing3 days ago
Forex Market Trends to Watch Out For in 2024
-
Top Stories3 days ago
Hedge fund borrowing hits five-year peak, Goldman Sachs says