3 Critical KPIs to Measure Digital Trust
May 22, 2019
It’s no secret that frictionless and trusted digital experiences are driving the reshuffling of the Fortune 500. In the face of intensifying competition to build the next generation of UX, instant gratification built on uninterrupted online experiences will have a dramatic impact on any type of service adoption, and will drive dramatic growth in sales across nearly all industries, spanning from financial services to healthcare to retail to insurance to high-tech.
But how can these new make-or-break standards be quantified? And how can brands see if they measure up?
3 Key KPIs to Measure Digital Trust
- Approve Rate: Approve Rate is the percentage of your customers that can be greenlighted or ‘passed’ during a digital interaction (ex: login, signup, call center call) without introducing friction via step-up authentication. Enterprises typically hover around 40% Approve Rate. Passive authentication technology such as Payfone’s can bring this metric to >90%.
- Latency/Interaction Duration: Latency is the length of time it takes to verify a customer’s identity and to allow them to complete an interaction. Traditional identity authentication processes such as passwords, SMS OTP and security questions typically add unnecessary lag to interactions, causing customers to abandon. Passive authentication can bring latency down to just milliseconds. To put the importance of speed into perspective, Google research found that 40% of consumers will leave a webpage that takes longer than 3 seconds to load.
- Customer Satisfaction: A measure of how happy your customers are and how willing they would be to return or to recommend your brand to others. Typically quantified as NPS or CSAT scores. Approve Rate and latency have a direct effect on this metric. Citing the same Google study as above, 79% of shoppers who are dissatisfied with a website are less likely to purchase from the same site again.
Taking these three KPIs into consideration, how does your company score when it comes to Digital Trust?
To learn how you can improve these KPIs for your business, contact us.