Imagine you are opening a new account online or trying to complete a guest transaction. This should be easy, right? But then comes the authentication challenges: answer these security questions, prove that you’re not a robot and so on.
When consumers are required to perform extra authentication steps to conduct transactions, apply for services or access their accounts, the digital channel can become a source of dissatisfaction rather than delight. This lack of digital trust can result in higher abandonment rates as users move to competitor sites or higher-cost channels, which can lead to lower net promoter scores (NPS) and missed sales opportunities.
Consumers Demand Digital Trust
Companies often struggle to build digital trust — especially with regard to confirming user identities — when they don’t have complete customer records or the information they rely on is publicly available. Companies also encounter challenges when cybercriminals exploit new digital features, use stolen identities or employ tactics across multiple channels.
For many companies, it’s difficult to determine whether a new or guest user is truly legitimate without creating a painful user experience. A frictionless experience should not come at the expense of security — especially when analysts have little information to go on. Finding the ideal balance is essential for business growth.
Market forces have made digital transformation a necessity for companies to meet customer expectations, reach new markets and grow revenue. Consumers demand a frictionless experience online, whether they’re making a purchase, registering for an account, signing up for a loyalty program or service or just updating their contact information.
Imagine what it would mean if companies could trust true customers. They could enable more seamless transactions, greater digital growth and innovation and increased competitiveness. But how can organizations continuously and transparently establish digital trust across the customer journey? How can they seamlessly welcome new customers and serve guest customers while keeping malicious activity at bay?
How to Establish Trust Seamlessly With Pinpoint Accuracy
Organizations should consider real-time, multilayered, omnichannel identity trust assessments that analyze a wide variety of intelligence, including network, device, environment, behavioral and global. This method could help companies deliver a better, frictionless experience.
To build trust in the digital channel, companies need to assess each user’s identity on two essential levels: how they connect to the digital channel and who is connecting. Even if a device or connection looks legitimate, the user may not be.
At each level, there are myriad data points to consider. The more data that is incorporated into risk assessments, the more effective these assessments can be. The more transparent risk assessments are to true users, the better companies can deliver the frictionless experience and trust that consumers expect. In the digital era, companies need to be smart about which users they ask to complete extra security measures to confirm their identities.
The new IBM Trusteer Pinpoint Assure solution is designed to help companies build digital trust with new and guest users by helping them understand, detect and predict the risk of malicious intent with pinpoint accuracy. It also enables companies to conduct early account monitoring for new accounts. It works transparently to correlate rich proprietary insights and global intelligence specific to these segments.
IBM Trusteer offers a multilayered and holistic user view, as well as a modular approach that can help companies transparently build identity trust with new and guest users for a seamless digital customer experience.