Why Continuity, Why Now?
Explaining the Value of Identity Continuity Through the Customer Lifecycle and How Discontinuity Destroys Trust
For both security and usability reasons, identity processes can no longer be single points of interaction with your customers.
Rather, identity must be a mechanism of continual trust between a business and a customer, to be refreshed and enhanced at each stage of the customer’s lifecycle.
Daon recently released an eBook, “Top 5 Ways to Eliminate Pain Points in Digital Customer Acquisition,” and I wrote a blog post covering some highlights on how digital onboarding reduces friction. But onboarding is only the beginning of the customer journey, and the right solution can also provide ongoing value throughout the entire customer journey.
Identity Continuity for Life
Identity proofing during digital onboarding allows you to confirm that a new customer is who they say they are, reducing the risk of fraud and complying with regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC). Then, once onboarded, customers will need to authenticate themselves frequently, in multiple channels, and recover or reverify their identities sporadically, due to lost credentials or regulatory requirements.
When this process involves multiple identity systems from multiple vendors, it’s a recipe for unnecessary customer friction and an invitation for fraudsters to exploit those gaps.
Getting this right means creating a single, delightful identity experience, consistent across all channels, throughout the entire customer journey–from onboarding to authentication, recovery, and beyond.
Delight in Multiple Channels
Once onboarded, your customers will engage with your organization in numerous ways (hopefully) and will need to authenticate themselves through different channels.
In this stage of the lifecycle, customers will want to move seamlessly from channel to channel (perhaps even during a single transaction), so you’ll need to accommodate cross-channel authentication on mobile apps, Web browsers, contact centers, and physical locations.
Regardless of where or how your customers choose to interact with you, your identity solution should make it easy for them to connect with your organization, achieve a resolution for any problem, and complete new purchases or other transactions of consequence.
Fast, Easy Authentication Drives Revenue
When it comes to new customers, the faster they’re onboarded, the faster they can use your services — and the faster you can generate revenue. But that same speed and ease is just as important for ongoing customer interactions. The simpler it is to access your services, the more likely your customers are to make additional purchases and upgrades. Anyone who’s purchased something from Amazon via smart speaker knows just how addictive this simplified experience can be. In fact, Daon developed its own solution for securely transferring money between bank accounts using Alexa.
From Awareness to Advocacy – The Flywheel & Customer Journey
Optimizing the entire customer journey helps organizations engage and delight customers, nurturing them to become advocates and fuel growth. HubSpot, developer of software products for inbound marketing, sales, and customer service, describes this circular process as a “Flywheel.” “The Flywheel is a model adapted by HubSpot to explain the momentum you gain when you align your entire organization around delivering a remarkable customer experience.”
HubSpot explains, “Friction is anything that slows down your flywheel. For example, poor internal processes, lack of communication between teams, or misalignment between your customers and your employees.” Removing friction means you can spin your flywheel — and grow — faster.
Research from Aberdeen Group shows that the best performing brands today are those that put customer journey mapping at the center of their CX Strategy. “As a result of adopting this strategy, the customers have more awareness of the brand, less friction achieving their goals and a personalized experience at each stage. This allows such brands to easily stand out from the competition.”
Creating a seamless identity journey for your customers removes friction and delights customers by helping them engage with your organization in a secure, painless way.
A Single Digital Identity to Span the Customer Lifecycle
Daon’s IdentityX® builds identity continuity into your customer journey, making it simple for customers to maintain, refresh, and re-establish trust whenever it’s required. Uniquely, Daon’s IdentityX goes beyond single points of verification and creates a seamless, cohesive mechanism of trust between you and your customer.
Using our solution, you can immediately provide your users with continuity across the full customer lifecycle while decreasing the risk of fraud and reducing friction through every subsequent encounter.
Ready to see IdentityX in action? Click here to get a fast, personalized demo.