Every business strives to provide an exceptional client experience. Customers that have a positive shopping journey or receive prompt service are more likely to purchase more, remain loyal, and recommend your business to their friends. While organizations across all market segments invest in new mobile and digital transformation initiatives, they must also guarantee that they provide omnichannel customer experiences that minimize friction, maximize efficiency, and safeguard both the customer’s account and the company’s systems. Experts urge companies to strengthen their identity verification and identity document authentication systems to prevent fraud and cyber threats.
Fraud attempts are usually directed at specific customers. An attacker may be able to gain customer credentials via a compromised site or a phishing attack. The fraudster then attempts to use those credentials on high-value targets such as banking websites. They also often work because customers are more likely to share their credentials between sites.
Customer identity and access management (CIAM) helps businesses record and maintain customer identity and profile data securely and regulate customer access to applications and services. Additionally, customer identity is critical for boosting the security and experience of your customers throughout their journey. According to a 2021 Ping Consumer Survey: Brand Loyalty is Earned during Login, 56% of online consumers have abandoned an online service due to a tedious login process.
Therefore, CIAM offers customer registration, self-service account management, consent and preference management, single sign-on (SSO), multi-factor authentication (MFA), access management, directory services, and data access governance. The top CIAM systems guarantee a safe, seamless customer experience at extreme value and performance, regardless of the channel via which customers engage with a business.
Customers share an increasing amount of information with enterprises and their partners to facilitate and customize interactions. However, your consumers’ concerns about data privacy have not diminished, and they continue to expect you to be excellent data stewards. CIAM enables you to demonstrate your commitment to security by applying robust online identity verification and allowing the customers to control how and with whom their data is shared.
Here is an infographic from authID to know more about CIAM.