Identity verification and authentication company Onfido and identity provider Okta have announced a joint report into establishing trust online.
Digital by Default’s standout result was that businesses have just 10 minutes to establish trust online or risk losing consumer trust. That’s despite the growth in access to digital services caused by the COVID-19 pandemic, with more than half of customers now feeling more comfortable online compared to before.
"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,” said 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."
Other key findings included:
- That 65% want to open a bank account in less than 10 minutes, versus 69% when booking a car rental, 72% for telemedicine and 77% when registering a gaming account
- 49% expect it to take less than three minutes to approve a banking transaction, 48% to place a bet and 35% to fill a prescription
- 7 in 10 customers report they’ve had to re-authenticate after being blocked from accessing services in the last 12 months
“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,” said Ben King, Regional Chief Security Officer, Okta.