Four Reasons To Invest In CIAM for Customer Experience
How Enterprise Customer Identity Helps You Make Money, Slash Costs, and Reduce Risk
From retail to healthcare, banking to government, manufacturing to communications services – achieving your organization's mission and beating the competition requires paying attention to customer experience demands and working in a timely fashion to address them.
What exactly are customers asking for? In The 8 Digital Transformation Trends Shaping Business in 2022 report we learn that customers want intuitive ease, speed, and convenience; personalized omnichannel experiences that span physical and digital environments; and they demand security, privacy, and control over their data.
Meeting all of these customer experience demands may seem daunting. But, the right customer identity and access management (CIAM) solution actually makes it easy. And the returns are significant.
Here are four reasons why investing in great customer experiences with ForgeRock's enterprise CIAM will help your organization make money, slash costs, and reduce risk.
Customer experiences directly correlate to increased revenue. According to PwC, "great experiences result in up to a 16% price premium on products and services, plus increased loyalty." PwC also reports that great experiences lead to a willingness to share personal data, with "63% of U.S. consumers saying they'd share more information with a company that offers a great experience."1
ForgeRock CIAM helps organizations improve customer experiences that drive revenue growth in myriad ways. One of the simplest is reducing the time it takes to acquire and retain customers by taking the pain out of the registration and shopping cart check-out processes. ForgeRock customer Mox Bank did just that, attracting close to 160,000 new customers in less than one year. ForgeRock conservatively estimates a 20% increase in the rate of converting unregistered visitors into new customers.
Enhancing the customer experience brings rich rewards, as customer satisfaction increases loyalty and spending. What helps build engagement and loyalty? Personalized omnichannel experiences that span physical and digital environments to start.
For example, IMD reports that Target, the U.S. big-box retailer, discovered that multi-channel consumers spend 400% more than store-only consumers, and 1,000% more than digital-only consumers.2
ForgeRock CIAM enables personalized omnichannel experiences by integrating systems organization-wide for interoperability. This means you can unlock previously siloed customer data to inform personalized customer journeys and experiences. Further, ForgeRock enterprise CIAM enables you to scale those experiences across your services for millions or billions of identities, quickly and according to demand, all out-of-the-box. For example, the BBC uses ForgeRock to scale and deliver omnichannel experiences to 45+ million users around the world without disruption.
Believe it or not, there's some low-hanging fruit for using customer experience as a means to reduce costs and workloads.
According to Zendesk, help desk agents managed 30% more tickets in 2021 than they did in 20203. Yet 69% of consumers prefer to resolve their customer service problems on their own before seeking help from agents4.
Customers end up calling help desks for multiple reasons, including to reset their passwords and manage their profile, privacy, and data sharing settings. ForgeRock CIAM reduces the call volume for all of these by offering self-service capabilities.
For example, allowing customers to manage and reset their usernames and passwords alone can save enterprises millions of dollars annually. ForgeRock's enterprise CIAM solution also offers a user-friendly privacy and consent dashboard that enables your customers to manage their data privacy settings, along with the ability to safely share their data with third-parties, such as family members, physicians, accountants, and so on.
In addition to self-service features, ForgeRock enterprise CIAM helps reduce costs associated with IT inefficiencies and manual processes. With interoperability across your organization's hybrid IT environment, you can deliver personalized services that draw customer data from multiple systems, and you can alleviate the costs and work associated with troubleshooting customer data disintegration.
For example, the state of Utah estimated a savings of $15 million by integrating 1000+ applications with its cloud-based ForgeRock solution.
During just the past few years, the number of breaches, phishing attacks, fraud, and ransomware has reached new heights. And what is cybercrime’s most coveted prize? Personally identifiable information (PII).
Since 2019, attacks involving usernames and passwords have increased 450%5. And 61% of all data breaches are the result of schemes, such as phishing, that steal login credentials6.
Good news, there's also low-hanging fruit when it comes to reducing risk with CIAM. I'll start with a simple question: As a consumer, how much do you like passwords? I'm guessing your answer is "not at all" — and you're not alone.
With ForgeRock CIAM, you can give your customers an experience they'll love by eliminating passwords – and improving security in the process – with passwordless authentication. Passwordless authentication enables users to log in to all your systems without ever using a password or entering a username.
ForgeRock also reduces risk with Zero Trust security. For example, Spark NZ, one of the top Asia-Pacific telecommunications companies, relies on ForgeRock to give secure access to 3.5 million customers for more than 60 applications. By continuously monitoring contextual signals such as geolocation, biometrics, and so on, you can fast-pass your real customers, block imposters, and put roadblocks in the way of suspicious activity at any point within a session.
Learn More In Our Webinar
All of this is just a sampling of how investing in customer experience with ForgeRock enterprise CIAM can help you make money, slash costs, and reduce risks.
To learn more, attend our ForgeRock and Accenture webinar.