Iron-clad security AND frictionless sign-in?
Surely the two are incompatible, aren’t they?
Well, particularly in the banking and financial services sectors, it’s easy to think that would be the case.
After all, identity theft is a huge global problem and password protection is the main form of defence.
Unfortunately, tough security measures can make customer experience a disaster. Traditional security measures often reduce logins by 10% and there are multiple support costs and reduced acquisition.
It’s no surprise that a recent study found that 83% of customers are willing to switch brands for a better experience.
However, it doesn’t have to be that way.
Deploying smart frictionless authentication technology via a feature-rich omnichannel Communications Platform as a Service (CPaaS) can provide the level of security that is needed and that crucial satisfying user experience.
An expert provider partner can help make it happen.
“Security and customer service are crucial to organizations’ overall communications strategy and it can all be brought together through an omnichannel approach that is driven by a brilliant CPaaS,” says Michael Bradford, Product Director at leading global digital provider Syniverse, whose smart mobile-first solutions are supported by the latest industry-standard mobile identity and security features.
“The goal should be to create an amazing customer experience which does not require the user to go through cumbersome, extra security steps. Systems should recognize customers and provide them with appropriate support where necessary. With Syniverse, this is all possible.”
That kind of frictionless authentication leverages network and cryptographic device data, as well as increasing biometrics, such as fingerprints, voice recognition, face recognition or other biometric markers. These methods are very secure as they cannot be easily breached and are always readily available to the user as a unique and intrinsic part of them.
Biometrics has now gained trust and popularity amongst consumers, with a study finding that 53% of people believe it makes transactions more secure.
Deploying on an omnichannel basis ensures customers enjoy the same consistent approach across all channels – voice, messaging, web, WhatsApp, and others.
Affordable, scalable and quickly implemented, Syniverse’s secure CPaaS – trusted by financial institutions around the world – also provides unmatched data gathering and analytics tools, making delivery and tracking seamless, intuitive and unified; enabling user organizations to build a strong emotional connection with their customers.
So, what’s the best route to the swift implementation of frictionless authentication..?
Combine UX and Security
These two teams often work in silos, often resulting in both falling short. Instead, have them work together, so you can design a truly secure, seamless and convenient product that incorporates frictionless authentication.
Use Passwordless Authentication
This relies on something the user has in their physical possession (such as a mobile device) or something of themself (such as their thumbprint or facial image). This can make it super- easy for users and super-difficult to gain unauthorized access. Users don’t need to remember and enter passwords, and security is improved by eliminating the risk of password-based attacks such as phishing, brute-force attacks, and credential stuffing.
Adaptive Authentication
This is particularly useful for banking applications as it uses risk-based analysis to determine the level of authentication that should be required for a particular user or transaction. For low-risk and commonly performed transactions, or transactions below a certain threshold, authentication requirements can be waived or reduced, making it much more convenient for users.
Mobile Security and a Mobile First Approach
With more and more users comfortable using a digital wallet, and 84% of the world’s population owning a smartphone, frictionless authentication and customer experience should always take a mobile-first approach. Deploy Syniverse’s Identity and Authentication module to help to proactively spot suspicious activity, prevent account takeovers and even stop fraud before it can occur. This will help to keep your customers safe, which will in turn increase trust in your brand. Syniverse Mobile Security is also built to exceed regulatory requirements, helping to maintain compliant integrity of your customer databases, ensuring data remains up-to-date and valid at all times.
Go Single Sign-On
Most financial services providers offer multiple products and services – often requiring multiple log-in credentials. Make use of a good security, identity and authentication module to enable a single sign-on for all products and services. You’ll improve CX, make it easier to gather, retain and protect data, and make a great impression on customers.
To learn more about how Syniverse can help your and your customers’ businesses leverage the power of smart CPaaS, visit Syniverse.
