LoginRadius, a leader in cloud-based customer identity and access management solution (CIAM) has released an industry report titled “Consumer Identity Trend 2020” for C-suite professionals and product managers of B2C companies that deal with customer’s identity data.
The learning objective for this industry analysis is to determine the opportunities and threats that exist within the identity environment.
The report offers a comprehensive overview of the Consumer Identity Trends of 2020. It aims to improve customer experiences on a digital platform via extensive data analysis on consumer behavior and lifecycle.
This research piece points out the increasing competition across all industry verticals and that customer experience is a success key if businesses want to stand out in a highly competitive world.
To achieve this, businesses need to identify their consumer behavior and pain points, including their preferred authentication methods, such as passwordless login or multi-factor authentication via email or SMS, or social sign-on.
The data was collected from the LoginRadius Identity Platform, which serves and manages 1,17 billion customer identities for thousands of websites and mobile applications. The research was conducted with data from 1 January 2019 until 10 May 2020.
The report will help you understand:
- The preferable login methods by end-users.
- The preferable verification process.
- The performance benchmarks for identity management platforms.
Segments Covered in the Report
For the purpose of this study, LoginRadius has segmented the global consumer identity trends observed on its platform according to the following matrices:
A brief overview of Standard Login Trends
- Registration Forms
- Forgotten Password
- Username vs. Email ID
Passwordless Login Trends
- Passwordless Login
A brief overview of Multi-Factor Authentication Trends
- SMS vs. Mobile App
- Multi-Factor Authentication Adoption
Return Rate Comparison
- Login Preference by End-Users
- Social Login Preference by End-Users
- Login Preference by Businesses
- 77.88% of companies are using five to seven fields on their registration forms.
- 34.08% of active customers use the ‘forgot my password’ tool. Of those customers, 89.10% actually retrieve their passwords.
- 94.85% of companies offer standard login using an email ID.
- Of the customers that use multi-factor authentication (MFA), 57.88% use MFA via SMS messaging.
- The phone login has the highest return rate of 28.04%. Next is passwordless login with 23.22%.
- 60.33% of businesses adopted standard login, whereas 31.22% like to offer social login.
A Final Word
As the threat landscape increases in sophistication, it is more important than ever for organizations to remain aware of the current security and identity authentication trends.
The LoginRadius Consumer Identity Trend Report 2020 will help you keep pace with consumers’ evolving identity expectations and build a secure platform. The report is now available for download.
*** This is a Security Bloggers Network syndicated blog from Identity Blog authored by lrshivangini. Read the original post at: https://www.loginradius.com/blog/2020/09/loginradius-consumer-digital-identity-trend-report-2020/