We are delighted to announce the publication of our annual industry report, 2022 Consumer Digital Identity Trends Report.
We surveyed over 500 brands and 1.17 billion users globally from the LoginRadius identity platform to provide in-depth analysis of the consumer data market, including changes in consumer behavior over time. time and their projected impact on business practices and IT requirements.
The next few years will be a pivotal time for the consumer digital identity space. A key aspect covered in this report is that consumers are moving from the traditional registration model to a more personalized, easy to authenticate and secure model. Keeping up is a challenge – and it’s forcing companies to adjust their identity management systems.
The report’s findings underscore that if your business is to stand out in a highly competitive world, you will need to significantly improve your interactions with your customers. This means not only your interactions with them, but also theirs with your brand, from registration to payment.
Companies can achieve this by tailoring authentication and login methods to their customers’ preferences, such as passwordless login or multi-factor authentication via email or SMS, or social login.
As a company heavily focused on CIAM, we have analyzed our global customers over the past year and discovered the following:
- 95.06% of companies offer a standard login using an email id.
- 59.11% of companies use MFA via SMS messaging and 40.89% via an authenticator app.
- Connecting by phone has the highest return rate of 31.11%. Next comes login without a password with 29.41%.
Some other findings from the report have been outlined in the infographic below.
Overall, the CIAM trend report highlights:
- The login methods preferred by end users.
- The preferable verification process.
- Identity management platform performance benchmarks.
Companies that treat customer identity management as a strategic business process instead of an operational activity will have the advantage in today’s market. These businesses will be able to operate more efficiently through lower customer acquisition, onboarding and support costs and higher retention rates.
If you’re trying to improve your customer experience, the conclusion of this report will certainly impact your bottom line.
Download a free copy of LoginRadius’ Consumer Identity Trends Report here.
