Great relationships enhance our lives. They bring new dimensions to our thinking and interactions, and they offer the promise of experiences that are at once both new and comforting.
Pharmaceutical companies have tried and failed for decades to duplicate that special feeling, but perhaps technologists have succeeded where chemists have failed. Clearly, everyone’s new BFF is mobile.
The evidence is clear. If we set aside the billions of social media and entertainment interactions conducted on mobile platforms and look only at actual consumer transactions conducted on mobile, the growth rate over the last 10 years has been truly staggering. Pundits and researchers agree that this growth will continue to accelerate in the next five years.
One recent study conducted by shopping app Ubamarket foresees the death of cash-based transactions as convenience and comparative security of cashless transactions re-shape consumer preferences. Ubamarket researchers looked at the UK and observed that nearly half the nation believes that all payments will be made in-app by 2022. Already, cash-only retailers are losing out on the purchases of some ten million consumers, as time-stressed buyers choose instant, convenient app-based purchases over the “joys” of waiting in line, fumbling for cash and trying to lay hands on the right product at the right time. In fact, researchers found that 73% of UK consumers – some 37.5 million people – have changed their mind and decided against a purchase after encountering a long line in a shop.
Interestingly, the research also revealed that not all technology is equally beloved or embraced: nearly half of those polled said they hate using self-scan machines… a rocky relationship indeed.
So it’s no surprise that when consumer-facing brands ask “how can we preserve and enhance our customer relationships?” the answer almost always involves mobile.
And every great relationship needs protecting – mobile is no exception.
Consumers expect a consistently secure experience that speeds and simplifies their purchases, and that provides them with the best possible protection against abuse by fraud and identity theft. And that’s where passive biometrics and behavioral analytics comes in (technology to the rescue, once again!).
This new and far more secure approach to authentication uses the consumer’s interactions, location, behavioral signals, and other data points to build an ongoing digital identity that helps remove the friction from transactions while preventing and repelling fraud and identity theft.
It’s an entirely new and more advanced level of security that helps protect the customer’s online transaction experience, ensuring their interactions are safe and secure – the hallmarks of a great relationship!
Want to learn more about biometric authentication? Download our co-sponsored Aite Group report, Biometrics: The Time Has Come.
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