Balancing Friction and Fraud: Findings from the Second Annual Consumer Study

How American consumers think about their identity has shifted. For businesses, this presents both challenges and opportunities, especially around identity verification. For example, when trying to get customers onboarded, a cumbersome account creation process (especially on mobile devices) can quickly drive people away.

Join Chris Luttrell, IDology’s SVP of Operations, and Eric Leiserson, VP of Marketing, as they discuss findings from the 2nd Annual Consumer Digital Identity Study. They will explore the consumer perceptions of identity, enrollment, friction, and trust—and what businesses can do to fulfill the need for identity verification without running off customers.

Key findings include:

• 60 million more Americans consider their mobile phone number to be a bigger part of their identity than their employer.
• 37% of consumers abandoned opening a new account this year due to the effort or time it took to sign up – and that percentage is higher for younger generations.
• Over two-thirds of Americans stated knowing a financial institution was using better, more advanced identity verification methods would positively affect their decision to use that institution.