Consumers demand trust, security, and data privacy with minimal friction

Tuesday 19 November 2019 14:18 CET | News

A new report commissioned by Ekata has revealed that a majority of consumers demand trust, security, and data privacy with minimal friction in their digital experiences.

For the report, “Infinite want: Consumers demand speed and security in the digital experience,” more than 7,000 consumers across North America and Europe were asked what they want in their digital experiences, how they respond when their needs are not met, and if they’ve personally experienced fraud.

Digital experience expectations are very high: 73% of consumers say that when they are trying to create an account or process a transaction on a modern digital platform (i.e. online lending, payment, ecommerce and marketplace site etc.), the process should happen instantaneously. Furthermore, 92% expect a fast, frictionless experience while also getting one that is as trustworthy and secure as possible.  

Businesses face increasing pressure to get customer experience right, every time. An astounding 66% have abandoned their account opening or transaction on at least one occasion due to friction, including the process taking too long.

Consumers who fear future fraudulent attacks, believe protection is the business’ responsibility. Nearly half of consumers in North America (nearly 40% overall) have personally had their identity stolen or been the victim of fraud while a 90% are concerned that they will be the subject of fraud in the future. More than three in five (61%) of consumers believe that responsibility for avoiding fraud lies with the companies that have access to their personal data.

If consumers do experience fraud on a company’s platform, 91% say they likely won’t use that company again in the future, while 86% say they will tell others about their fraudulent experience.

For the report, more than 20 in-depth interviews were conducted with employees of marketplaces, banks, online lenders and digital payment processing platforms between March and May 2019. This qualitative research phase was followed by a quantitative survey of 7,000 consumers across North America and Europe in July and August 2019.

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Keywords: Ekata, report, customer experience, fraud protection
Categories: Fraud & Financial Crime
Countries: Europe, North America
This article is part of category

Fraud & Financial Crime

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