Transmit Security today released “The Impact of Passwords on Your Business,” a study examining customer identity and access management (CIAM) challenges in password authentication. The company surveyed 600 U.S. consumers to gain insight into the customer experience surrounding logins and password authentication during the shopping process.
Transmit Security positions itself as an authentication solution provider dedicated to eliminating passwords. Additionally, it frames itself in the context of CIAM, focusing on simplifying and improving the customer experience.
According to the “Impact of Passwords on Your Business” study, 55 percent of consumers stopped using a website because of the login process and the frustrations therein. Additionally, error-ridden CIAM password authentication processes lock over 87 percent of customers out of their online accounts. Adding to the anxiety around these challenges, 92 percent of customers would rather abandon their carts or accounts outright rather than go through password recovery.
At the same time, the perils of password sharing continue. Over half of consumers admit to sharing at least one password with another person, and 41 percent share multiple passwords.
Transmit Security CEO and Co-Founder Mickey Boodaei shared some thoughts on the results of the study. “The number of consumers getting blocked from their online accounts because of poor password experiences is staggering. Customers are dropping out of transaction processes — or failing to use a site at all — due to overly complicated, and oftentimes error-ridden password systems.”
“These horrible customer experiences are costing businesses an unimaginable amount of money, not to mention the revenue that’s lost due to password sharing between consumers. The market is ready for change. It’s time to eliminate our dependency on outdated password technology and evolve to a place where passwords are no longer necessary.”
Learn more about Transmit Security here.
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