A new report commissioned by Ekata, a leader in global digital identity verification data, reveals that a majority of consumers demand trust, security, and data privacy, and also expect their digital transactions to be fast and frictionless.
For the report, “Infinite want: Consumers demand speed and security in the digital experience,” more than 7,000 consumers across North America and Europe were asked what they want in their digital experiences, how they respond when their needs are not met, and if they’ve personally experienced fraud.
“The clear message of this survey is that consumers aren’t willing to compromise on speed, convenience or security when it comes to digital transactions,” said Beth Shulkin, Vice President, Global Marketing, Ekata.
“This puts pressure on businesses to build customer trust with a smooth, yet highly secure experience from the very first interaction. Companies that can deliver on all fronts will earn the loyalty of today’s consumers.”
Among the report’s key findings:
- Digital experience expectations are very high. Seventy-three percent of consumers say that when they are trying to create an account or process a transaction on a modern digital platform (i.e., online lending, payment, eCommerce and marketplace site, etc.), the process should happen instantaneously. Furthermore, an overwhelming majority (92 percent) expect a fast, frictionless experience while also getting one that is as trustworthy and secure as possible.
- Businesses face increasing pressure to get customer experience right, every time. Three quarters do not have patience for sub-par digital experiences due to alternative options available in the marketplace. An astounding 66 percent have abandoned their account opening or transaction on at least one occasion due to friction, including the process taking too long.
- Consumers who fear future fraudulent attacks, believe protection is the business’ responsibility. Nearly half of consumers in North America (nearly 40 percent overall) have personally had their identity stolen or been the victim of fraud while a large majority (90 percent) are concerned that they will be the subject of fraud in the future. More than three in five (61 percent) of consumers believe that responsibility for avoiding fraud lies with the companies that have access to their personal data.
- In the case of fraud, there are no second chances. If consumers do experience fraud on a company’s platform, 91 percent say they likely won’t use that company again in the future, while 86 percent say they will tell others about their fraudulent experience.
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