Current login processes are contributing to significantly high operating costs – more than one might imagine. Medium to large companies are paying high five-figure sums on annual helpdesk costs alone. This no longer needs to be the case. 50% to 80% savings are possible with the right experts on board.
The cumbersome authentication
Clients of banks and insurances have long grown accustomed to complicated and cumbersome onboarding or logins to their e-banking or customer portals. Extra security steps have been added, such as waiting for an SMS code, entering a PIN/code/password, or scanning of QR codes; all just to be able to complete a simple financial transaction. Not to mention the instances that still require hardware tokens, that are not typically carried around by the user. And no, the round and flat batteries do not automatically belong in the standard household pantry, once the hardware token needs changing. The things one has to do for the sake of security…
Not only do the end-users suffer when it comes to user-friendliness, but also the businesses themselves. The helpdesk team is the first point of contact anyone would go to if they can no longer remember their password, if the registration process is too complicated, or if the login isn’t working. Or in those instances when the customer has bought a new smartphone and needs help to install and initialize the first steps in order to continue using their e-banking services.
Older smartphones can be known to cause problems with their old camera when scanning QR codes. Even the latest generations of smartphones with their multiple cameras can experience problems. That is why focusing on one technology as a provider can be very expensive and not customer-centric…
Authentication causes on average 40% of the helpdesk costs
Research shows that financial service providers receive on average 40% of helpdesk calls on the issues of login problems, on-boarding, or changing of devices. These calls can amount to more than a hundred of thousands of dollars in the cost of resources annually. According to Gartner, a 5-minute call to a helpdesk line costs on average 25 dollars. With 20,000 calls a year, this sums up to a hefty half a million Dollar that a large financial service provider will have to cover. This also affects medium-sized companies, that will spend half of that amount to provide end-user support on login-related problems.
State-of-the-art authentication products lead to high savings
Futurae’s strong authentication products and innovative solutions not only eliminates cumbersome logins for the end-user but takes it a step further. The solutions help to optimize the processes so that on-boarding, password resets or even device migration becomes so intuitive and simple, that end-users are able to do it themselves without additional support or information. Furthermore, Futurae offers an automatic fallback mechanism, ensuring that users will be able to securely login under different circumstances. This enables users to always have access to their digital services in an easy and convenient manner. As a result, companies using Futurae’s authentication solutions not only grow in reputation as being the most user-friendly, with high customer satisfaction but also significantly reduce their helpdesk and operational costs. Savings can range from 50% to 80%! These are savings that could be invested in further innovation or usability projects.