When was the last time you tried to access an online account, only to realize that you’d forgotten your password?
What happened next? Probably one of two things:
– You spent the next 15 minutes trying to guess your old password or resetting your password (while making sure it met all the password policy criteria and wasn’t a previous password).
– Or you walked away because it just wasn’t worth the hassle.
The alarming thing that businesses need to realize is that most people go with Option 2. Of course, they may come back at another time and try again, or even create another account, but some may never return.
And for those that do, how does it leave them feeling from a customer experience perspective?
These problems are just some of the reasons why passwords are becoming more and more obsolete.
In order to ensure security and a positive customer experience, businesses need to look at other authentication methods to provide a seamless login and registration experience while still ensuring that their customers feel like their data is secure.
So let’s look at how businesses like yours can make that happen:
– Multi-factor authentication: This method will already be familiar to a lot of your customers. Multi-factor authentication allows users to confirm their identity using a code sent to their email or phone.
– Risk-based authentication: This is a relatively new method but one that you may have come across. Risk-based authentication intelligently looks for signals (such as location, device, or browser) and sends an alert when a change is noticed so that your customer can confirm that an access request is legitimate.
– Biometric authentication: Your customers will be most familiar with biometric authentication as a method they use to access their phones: Touch ID and Face ID.
Businesses that can roll out these authentication methods and provide a frictionless login experience will reap the rewards in terms of customer loyalty and revenue.
With data breaches becoming increasingly more prevalent, the everyday consumer is also cautious about which companies they provide their data to. Consumers are looking to organizations to demonstrate what steps they are taking to ensure that customer accounts are protected.
Take a look at the infographic shared by Loginradius a customer identity and access management platform to learn more about why passwords are becoming a less trusted form of authentication and what companies like yours need to be doing to get ahead of the curve.
Author Bio: Rakesh Soni
Soni is the CEO and co-founder of LoginRadius – a leading Customer Identity and Access Management Platform. He has always been interested in innovation and creating a better experience to connect users to websites. He loves art and his dream office would have pet birds in the rafters! Connect with Soni on LinkedIn or Twitter.