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Are You Losing Customers to Poor Security?

Sri Narayanan | Nov. 7, 2017

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There are more ways for customers to interact with a company's products and services today than ever before. Mobile apps, social media, offline, online or even in-store - there are multiple touch-points available to companies to engage customers.  But that also means more services to secure and more access to protect than most companies have considered.

In fact, failure to create a secure customer experience is breeding a new generation of insecure shoppers amidst numerous security breaches and incidents that have exposed millions of customer credentials.

According to Forrester, poor customer experiences and security stem from a poor Customer Identity and Access Management (CIAM) experience. Securing customer identities and profile data for a seamless customer journey provides many unique benefits that go beyond filling out forms and password reset policies.

So how can your company ensure personal data security and deliver great customer experiences?

Addressing this issue, CIO Asia in partnership with Adnovum Singapore Pte Ltd hosted an exclusive roundtable with IT leaders in Singapore on 24 October 2017 at the Ruth Chris Steak restaurant, Marina Mandarin.

Sri Narayanan, executive editor and moderator, spoke of how companies today face a digital business landscape that was far more competitive and was likely to spurn consumers off more quickly, reducing customer loyalty.

"There is a significant cultural shift taking place in customer experience. A good CIAM solution can help companies navigate these 'new consumers' and convert anonymous visitors to customers, collect their personal data, centralise customer data between multiple web and mobile properties, and ultimately, improve customer experience," he noted.

He stressed that every company selling goods, providing services or maintaining relationships over the web would need to put a CIAM platform in place if they intended to keep their hold on their markets.

Moritz Kuhn, managing director at AdNovum, a leading CIAM solution provider, agreed, and urged IT leaders to acknowledge the changing customer expectations and the impact it was having on the shopping experience as well as consumer interaction with companies.

"Customers today are empowered because they are better educated and have more disposable income. They are digital natives who want to be heard and who routinely leverage mobile devices and multiple channels to shop for products and services," observed Kuhn.

With an annual spending power of almost US$3 trillion across Asia's upper middle class, which is set to increase by 60 percent in the next 3 years, companies in Asia could not afford to ignore these shifts in customer expectations.

But while this looks promising, Kuhn warned that the forces behind these dramatic changes in customer expectations could work against businesses. He cited research stating 70 percent of customers in Singapore did not believe companies were doing enough to protect their personal data. In fact, 85 percent of customers in Asia want to have more control over how their personal data are managed.

 

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