Earlier this week Trua hosted a webinar alongside S&P Global titled: Strengthening Trust & Safety in Today’s Digital Economy. The webinar covered the constant friction between customer convenience and the desire for quick and easy to use services, with the desire, and need, for greater safety measures protecting user data on these platforms.
Be sure to watch the Webinar in it’s entirety on Trua’s YouTube channel: https://youtu.be/kI49wZEiYWo
One of the big key takeaways from the session was that new data suggests customers actually prioritize their data safety now more than before, and many claimed they were willing pay extra for certain services if it meant they had a greater sense of security.
Kristen Doerer from CX Dive covered the webinar in her article Data Security is a CX issue too.
She discusses recent cyber attacks which affected the likes of Adidas, and North Face, the result of which damaged both brands reputations immensely and caused customer trust to wane.
“Customers are worried about their data — and for good reason. Nearly 2 in 5 customers have been the victim of two or more breaches, according to S&P Global Market Intelligence. One-third have been the victim of identity theft within the past three years.”
Sheryl Kingston from S&P Global said in the Webinar “With customer data essential to providing personalized experiences, the safety of that data is as much a cybersecurity issue as it is a customer experience one.”
Since businesses are often focused on growth, many CX designers believe the best course of action is to make the experience as simple and seamless as possible, all the while collecting user data in the process. While CX leaders in the U.S. are under the impression that they must aim for zero friction to prevent drop off, some friction can be beneficial, for example, implementing better safety measures such as multi step verification, or verified accounts.
CX designers often want to avoid friction, but in doing so they miss what we might call “necessary friction” the level of friction required to ensure the user that the transaction is being taken seriously and that the business is taking the necessary precautions to protect any data they may have willingly provided as part of the transaction.
At Trua we believe that the answer to this problem lies in solutions like ours, reusable first party verified ID credentials. Imagine if all you needed to conduct a transaction online was to be able to verify that you, the real you, and not some imposter, was the one making the purchase. No need for the system to verify your name, email, etc, only that the purchase, and payment information provided could be legitimately tied back to the ID holder.
Trua’s Identity credentials provide just that, a system where we verify first party information from the user (such as drivers license, or other legal form of ID) and pass that info along to the service provide without having to share sensitive info. This process is smooth and simple, and doesn’t require services to compromise their CX by adding additional passwords or 2FA screens.
To learn more about how Trua’s solution works, read more on our website.