A new report released today from digital identity verification leader Trulioo reveals that more than half of consumers are losing trust in online brands.
Security is a major factor, with 73% of online payment service customers saying it’s a bigger consideration now than it was two to three years ago, according to the Finding the payments sweet spot between security and speed report.
The research highlights how people are becoming more cautious about the brands they transact with online and thinking twice before opening new accounts.
It also shows that, in the current landscape of consumer anxiety and complex risk, very few payments companies have found the sweet spot in identity verification where agility meets resilience – an important key to building trust according to the research.
“We work closely with our customers to ensure they achieve the right balance in identity verification to create trusted, sustainable relationships and gain a competitive advantage,” Trulioo CEO Steve Munford said.
“Striking that balance looks different in every country and jurisdiction. That’s why it’s important to partner with a company such as Trulioo that has global reach and expertise.”
Download the report for more insight into providing the experiences payments customers expect.