How Should Growth-Minded Enterprises Approach Customer Security?

With technology evolving leaps and bounds and businesses consistently emphasizing a seamless customer experience, customer security is often neglected.

Businesses underestimate the importance of delivering rich consumer experiences backed with robust security. They believe customers aren’t concerned about their information security and how their personal information is managed.

However, a recent survey by Statista revealed that over 90% of global online users had at least one significant concern regarding data privacy. And around 47% of the total respondents were worried that their personal information could be exposed in a data breach.

So does it mean every online business should focus more on customer security than improving overall consumer experience since balancing both aspects (security & UX) is tricky, especially when competitors are just a click away?

No! Businesses can leverage a cutting-edge consumer identity and access management (CIAM) solution that creates a perfect balance between customer security and customer experience.

Let’s uncover the aspects of a robust CIAM solution and how it helps businesses stay ahead of their competitors.

In the past couple of years, consumers have gotten a big wake-up call about the value of their data and the risks they run if it’s leaked, stolen, or misused.

Moreover, several high-profile hacks and breaches have generated widespread awareness of how negligent enterprises can be. And consumers are much more careful about which brands they do business with.

On the other hand, stringent consumer privacy legislation has spread to new jurisdictions, such as the General Data Protection Regulation (GDPR). Even the most prominent companies aren’t exempted from significant fines.

If consumers don’t trust your business to protect their data and accounts, they’ll find another one. The digital world makes it easy for them to switch providers within a few clicks.

To keep pace with the ever-growing digital world, enterprises need to create a perfect harmony of a great user experience and robust security.

This can be achieved by leveraging a consumer identity and access management (CIAM) solution like LoginRadius.

The cutting-edge technology coupled with a great user experience from the beginning when your consumers first interact with your brand helps build consumer trust that guarantees conversion.

Moreover, the best-in-class security that comes with the LoginRadius Identity Platform lets you assure your consumers of how vigilant you are about data privacy and security.

An omnichannel consumer experience refers to seamless interaction across multiple channels. Consumer expectations fall into speed, flexibility, reliability, and transparency.

For example, it is omnichannel when marketing, sales, consumer support, and even in-store experiences are synced up so users can seamlessly switch channels and make the purchase.

A single consumer view (also known as SCV) is where all consumers’ data is stored securely and presented as an easy-to-read record.

That may include the basic information about a consumer, the past and present purchasing data, interactions with customer service, and their social media behavior under a single admin panel. It assists brands in having an in-depth insight into their consumers.

In an age where sensational hacking and malicious attacks have become the order of the day, enhanced safeguard against the ever-looming threats is indispensable.

By adding multiple layers of shields in the form of multi-factor authentication (MFA) and risk-based authentication (RBA), the new-age CIAM strengthens security. Thus, the entire cluster of data remains protected from the prying eyes or, for that matter, falling prey to data trackers.

LoginRadius’ modern CIAM solution is designed to be more flexible and intuitive. It addresses every subtle component that can improve consumers’ experience while also providing an unmatched safeguard for private data.

What puts LoginRadius ahead of the curve are the three most fundamental aspects:

• Frictionless security: Strengthened security doesn’t have to come at the cost of convenience. LoginRadius’ modern CIAM solution like MFA, passwordless login, phone login, social login, etc., ensures no friction while authenticating.
• Privacy management: Proficient privacy management is the key to winning consumers’ trust. Our new-age CIAM solution considers every subtle privacy concern related to international regulations like the GDPR and the CCPA.
• Seamless integration: Another feature that sets LoginRadius’ new-age CIAM apart is the seamless integration with the modern tools geared to offer smooth and secure access.

With the high number of cybersecurity threats affecting global businesses, it’s high time business leaders need to incorporate stringent security mechanisms to ensure consumer data remains secure.

Moreover, at the same time, equal emphasis should be given to delivering rich consumer experiences since today’s consumers are always seeking great usability across every online platform.

Hence, the critical role of a CIAM solution in enhancing customer security and improving consumer experience can’t be overlooked.

Businesses need to invoke the potential of a reliable CIAM like LoginRadius to ensure they get perfect harmony of user experience and security.