Creating a better user experience for your new and existing customers to extend their lifetime value
The purchase of goods has temporarily moved to the online world to help reduce the spread of the COVID-19 virus. Many companies selling physical goods have seen their online customer base grow at the same rate as their physical stores closed down. Even digital goods companies without physical stores are benefiting from the public’s new hunger for online entertainment, whether it’s watching movies, playing collaborative games, or using apps to talk to friends and family.
Aside from existing users spending more time online, a new demographic has entered the online marketplace to get its share of goods and online services. These customers are used to physical shopping and banking experiences and now have to adapt to transacting through their phones or computers.
Companies are at a crossroads: keep customer experience as it is or adapt to help new customers during this transition. Once the movement restrictions are over and people hit the streets again, customers who favored brick and mortar before the crisis could disappear from the online sphere just as quickly.
Yet, merchants that make extra efforts to improve the digital user experience without compromising security will increase their chances of keeping these new customers for
the long term. Technologies that look at the user’s online behavior like behavioral analytics and passive biometrics help remove friction to simplify the customer journey. If there is a time when stepping up your security measures and giving your customers a better experience is vital, this is it.
How are users growing?
While some industries have seen their volumes go down, such as the event management and travel industries, overall traffic growth across eCommerce and financial institutions has been steadily increasing since January.
Within the NuData network, financial companies have seen more of their existing users accessing their accounts. The chart below shows the number of individual accounts accessed every month, with an overall increase since the beginning of the year.
Customers require a simpler user experience but companies also want to ensure the accounts and assets are protected from cyber-attacks.
To avoid good users from being blocked during a transaction or money transfer, some companies are tempted to remove security barriers, such as one‑time password requests. Although thiswould improve the customer experience, it increases the chances of fraud.
Opportunistic COVID-related scams are filling up bad actors’ Excel sheets with fresh username and password combos or fullz. Once bad actors have the data they need, they deploy attacks at any placement, including login, account creation, checkout, or rewards management.
Extending user lifetime with behavioral and passive biometrics technology
Behavioral technologies have the benefit of identifying suspicious activity and recognizing users without relying on credentials or personally identifiable information that could have been stolen.
The combination of these two technologies can verify a user based on how they behave in the environment. Information such as how someone types, holds the device, and hundreds of other data points, builds an accurate online profile. This real‑time assessment helps decide if there is a machine or a human behind the device. And, if it is a human, passive biometrics also determine if it is the legitimate owner of the account or an impostor trying to take over someone’s account.
Improving the user experience during uncertain times
Evaluating users with real‑time behavioral and passive biometrics technologies – rather than relying on static usernames and passwords – helps companies verify customers without added friction. This approach to user verification simplifies and improves the experience of buyers who depend on the internet to get their goods and services. It helps brands build trust with their new and existing users and strengthen relationships.
Download the full eBook : Shoppers are going digital; but is your user experience keeping up?