U.S. Markets closed
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • Dow 30

    34,580.08
    -59.71 (-0.17%)
     
  • Nasdaq

    15,085.47
    -295.85 (-1.92%)
     
  • Russell 2000

    2,159.31
    -47.02 (-2.13%)
     
  • Crude Oil

    66.22
    -0.28 (-0.42%)
     
  • Gold

    1,782.10
    +21.40 (+1.22%)
     
  • Silver

    22.57
    +0.25 (+1.12%)
     
  • EUR/USD

    1.1317
    +0.0012 (+0.1019%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • Vix

    30.67
    +2.72 (+9.73%)
     
  • GBP/USD

    1.3235
    -0.0067 (-0.5029%)
     
  • USD/JPY

    112.8000
    -0.4090 (-0.3613%)
     
  • BTC-USD

    49,262.65
    +445.87 (+0.91%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • Nikkei 225

    28,029.57
    +276.20 (+1.00%)
     

Onfido Survey: Businesses Have Just 10 Minutes to Establish Trust Online or Risk Losing Customers

  • Oops!
    Something went wrong.
    Please try again later.
·5 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

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

LONDON & SAN FRANCISCO, October 21, 2021--(BUSINESS WIRE)--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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005397/en/

Contacts

Paul Jarratt
Onfido
press@onfido.com