Consumers are becoming more tech-savvy and demanding than ever, thanks to the rapid digitalization of business operations. Many companies were already gearing toward digital transformation in the pre-pandemic period. However, the process was expedited when the COVID-19 global health crisis broke out.
People resorted to remote services as a safer alternative to in-person activities. As a result, it increased the consumption of digital technology, leading to shifts in consumer behavior. Customers now expect businesses to provide seamless user experiences when using their digital platforms. From the point of enrollment to logging in, accessing, and managing their user profiles – consumers anticipate these processes to be as frictionless as possible.
Even one bad customer experience can be detrimental to businesses. According to PwC, about 17% of American consumers will stop doing business with a brand after only one unpleasant encounter. Meanwhile, 59% will drop a brand after multiple bad experiences. If companies fail to meet what the customers want, it can lead to tremendous losses and consumer disconnect.
Because of the aforementioned information, organizations are investing more in Customer Identity and Access Management (CIAM) solutions to meet the demand for superb customer experience while ensuring security in the operations. CIAM allows companies to collect, store, verify, and manage customer identities. It also involves how businesses use the gathered information to improve customer experience when using their digital services.
Since CIAM deals with identity, enterprises need modern solutions to help them in the process. For example, they can implement a biometric multifactor authentication solution (MFA) to reduce friction at every point without compromising security.
When choosing the MFA technology to integrate into their system, companies must select the right partner that meets their needs and preferences. Working with the right identity as a Service provider (IDaaS) for their authentication technology brings many advantages in the long run.
Learn more about the topic through this infographic provided by authID that discusses what CIAM is, its different features, and the benefits it brings to businesses.