We can all agree: the customer’s identity experience should be smooth and easy—a gilded path. But let’s face it, personal password management is more like a trivia game where the rules (and answers) keep changing. Logins are easily forgotten, hacked and shareable. Netflix, anyone?
Ditching passwords and switching to Customer Identity and Access Management (CIAM) will pay off in spades. With FIDO2 biometrics we can now verify identities in a flash. Customers hardly pause on their way through the door, which is what they want: quick, easy access. Plus 83% believe biometric authentication is more secure.
These factors are fueling rapid adoption of passwordless authentication—not just to improve security but to elevate the customer experience. With fingerprint or facial recognition, logins feel effortless and ephemeral. And when you amplify ease, business will grow. Here’s why:
- 1) 33% of sales are abandoned because shoppers forget their passwords
- 2) Customers who are set free from passwords will reward you in sales
- 3) CIAM will reduce costs too
- 4) Licensing abuse is preventable with better authentication methods
- 5) The most effective passwordless solution is scalable, fast to deploy and authenticates users on any device, across all channels.
1) 33% of sales are abandoned because shoppers forget their passwords
Staggering, right? But not surprising. When I was waiting to pick up my daughter last week, I used my phone to shop for shoes. I found a pair of summer mules in a deep teal. Devine. For a moment, I was teleported from a rainy day to a sunny paradise. But then…the iron gates slammed shut when I tried to sign into my account at checkout.
We’ve all experienced this, including your customers. It’s time to contemplate (and fix) this reality. So let me say it again for impact: a third of online sales are lost. Did I hop on my laptop where I securely save logins to purchase those shoes later? No. When we got home, I cooked dinner…still sporting rain boots. I’m one of millions. Yes, millions of online sales are lost every day due to failed logins.
2) Customers who are set free from passwords will reward you in sales
Your customers are ready. 93% say they prefer biometrics to passwords, according to a market report by MasterCard. 89% say biometrics, using fingerprints or facial scans, are equal to or more secure than passwords.
By using biometric authentication, we can give customers seamless, consistent experiences. When you remove friction, customers feel welcome to do business, use your service, shop or explore more freely. Your revenue will jump—starting with 33% in sales previously lost to login failures.
3) CIAM will reduce costs too
Biometric authentication shrinks the attack surface. If there are no passwords to steal, you’ve eliminated the primary tactic hackers use to infiltrate accounts. According to Verizon, 80% of breaches are linked to passwords. A single attack can cost millions, so the savings of preventing account takeovers can’t be overstated.
At the same time, you’ll cut customer support costs. Studies show up to 40% of help desk calls are for password resets. Passwordless authentication could eliminate or minimize those support calls and the customers’ frustrations that come with them.
4) Licensing abuse is preventable with better authentication methods
Suffice to say, sharing is a great skill to teach a 4-year-old. But when a customer shares an account password to a language learning app, it hurts the company and its employees. Eso es malo! The good news is we can remedy that with biometric identity verification.
We’ve covered this topic in two other blogs: Why Password Sharing Kills Your Bottom Line and Netflix Is onto Users Who Share Their Passwords. They’re both worth reading to learn more about licensing abuse and how to stop it.
5) The most effective passwordless solution is scalable, fast to deploy and authenticates users on any device, across all channels.
A variety of passwordless customer authenticators are now available, but there are many approaches—so choose wisely. With BindID, you gain the advantages of FIDO2 WebAuthn biometrics plus OpenID Connect. This combination strengthens security while simplifying deployment across all apps and all channels, even call centers, stores and kiosks. Customers gain a true omni-channel experience.
BindID is also the industry’s only passwordless authentication with no app required. An app is optional, depending on your business needs. If you don’t ask customers to download an app, you’ll achieve higher adoption rates and lower friction. With passwordless customer authentication, your business can tap a new world of potential. See why SMBs are choosing BindID.