Onfido and Okta released a new report that suggests businesses are now racing against time when trying to onboard new customers online. The report found that although people are more comfortable with online services, they expect the onboarding process to take less than 10 minutes and will lose confidence in companies that exceed this timeframe.
The conclusions of the Digital by Default report are based on responses from more than 1,000 people in France and 4,000 others in the United States, United Kingdom and the Netherlands. The survey itself was conducted in September 2021.
Digging into the details, French consumers were the most enthusiastic about digital services, with an overwhelming majority (94%) indicating that they feel comfortable accessing things online. Many (43%) said their comfort level increased during the pandemic, suggesting that people are becoming more receptive to digital services the more they have to use them. In this regard, COVID-19 has led to increased adoption of digital services as people turn to remote service options during pandemic lockdowns.
French respondents cited convenience as the biggest advantage of online channels over their in-person counterparts. The majority (64%) liked the fact that they did not have to leave their home, while almost half (44%) liked the fact that many online services were available 24/7. 7. Many (48%) also felt that online services were more secure than physical sites during the pandemic.
On the security front, 70 percent of those surveyed expressed a willingness to use biometric authentication instead of a password. Meanwhile, 85% of those who have ever used a biometrics to open an account would be willing to do so a second time.
The trend was true across industries and countries, although consumers were particularly keen on using the internet when banking, booking hotels, and accessing telecom accounts. Seventy-eight percent of French people want to be able to open an account in less than 10 minutes, regardless of the nature of the service.
“From the moment a consumer visits a service provider‘s website or downloads an app, it assesses whether the business can provide a trusted digital service, ensure security and keep their data confidential,” said said Mike Tuchen, CEO of Onfido. âThose who can offer little or no friction during verification and authentication will positively differentiate themselves in a market where digital services have become the norm. “
Onfido itself has seen record growth during the pandemic, a fact that reflects the growing demand for secure remote integration technology. Tiger Brokers and the BUX investment platform are among the company’s newest clients.
October 22, 2021 – by Eric Weiss