Infinite Want: Consumers Demand Speed and Security in the Digital Experience
In Vanson Bourne’s report, more than 7,000 consumers across North America and Europe were asked what they want in their digital experiences, and if they’ve personally experienced fraud. A majority of consumers demand trust, security, and data privacy, while also expecting digital transactions to be fast and frictionless.
Consumers aren’t willing to compromise on speed, convenience, or security when it comes to digital transactions, which was made clear through this report.
Among key findings:
- More than 70 percent of consumers say account creation should be instantaneous. An overwhelming majority (92 percent) also expect a fast, frictionless experience while also getting one that is as trustworthy and secure as possible.
- 65 percent of customers surveyed have abandoned their account opening or transaction on at least one occasion due to friction, including the process taking too long.
- 90 percent of consumers surveyed are concerned that they will be the subject of fraud in the future, and more than 60 percent believe that responsibility for avoiding fraud lies with the companies that have access to their personal data.
- 91 percent of consumers who experience fraud on a company’s platform will not use that company in the future, and 86 percent will tell others about their fraudulent experience
The pressure is on for businesses to build customer trust with a smooth yet highly secure experience from the very first interaction. Companies that can deliver on all fronts will earn the loyalty of today’s consumers.