The achilles’ heel of digitisation.
Customer demands for convenience are changing rapidly and it’s hard for your business to stay relevant.
Customers hate being forced to register over and over again for accessing a new service or entering their information for checkout every time. So they only use the services and products that are easy to use, easy to access and meet their changing demands.
Customers abandon you because they can’t get instant access to products and services.
Because today, everything you provide online requires identifying, registering and authenticating the customer. And it doesn’t matter if you offer traditional e-mail and password login, a Single Sign-On or Social Logins – none of these current solutions meet today’s needs because they are not convenience, provide weak security, and do not include payment.
Email/Password Accounts are insecure & inconvenient.
Decades after its invention, the most common security system is still email plus password. And it no longer provides the security needed to prevent phishing and account takover.
It is also the most inconvenient solution for your customers. Because for each new service, e-commerce store or digital product the customer has to create a new account with a password. That is why customers create easy to guess passwords that are re-used. And passwords can be easily phished or guessed.
Furthermore, because customers re-use the same email address and passwords, when another store gets compromised, it is easy for hackers to use the compromised credentials to take over your customer accounts.
Single-Sign-Ons are not secure & limit growth.
Switching to SSOs is a massive undertaking for any company. It requires each customer to sign-up all over again for the new SSO and merge all disparate account information per customer. This is extremely inconvenient for the customer and is an expensive multi-year IT project for the company.
SSOs are only convenient for your existing portfolio. This means increased costs when trying to merge new brands or external partners. Two SSOs cannot coexist as SSO technology is unidirectional and not mulit-directional.
And SSOs create a single point of failure. That means when the SSO is hacked, a hacker can use the SSO token to access each customer’s account on every service where the SSO is accepted.
Let’s look at the facts.
In order to deliver your services, receive payments, provide personalized experiences, and add value to your customers’ life, you depend on customer data.
Does the data really need to be received via manual user input or from untrusted sources that put your company at risk? No.
Because with the thousands of services online: Your customers have created accounts a million times with trustworthy services such as banks, insurances, retailers and more that have all meticulously verified the data. They have all the information that is needed.
So why not re-use that data in a secure, convenient and compliant manner?
There is no solution that enables an exchange of customer identities, with an easy way to get customer’s consent, that prevents identity theft and account takeovers, provides trustworthy data sources and benefits all stakeholder: the businesses, the users and the regulators.