Password authentication and management - why passwords are becoming a thing of the past
Highlights
- Password authentication has become a factor in poor customer retention.
- Weak password management is a gift to cybercriminals.
- Password-free authentication methods can improve customer experience, save money and improve cybersecurity.
The platform economy is changing how companies interact with customers. Enterprises need to connect with their customers efficiently to successfully and rapidly match the latter's wants and needs with services and products. This is according to an excellent paper published recently by the World Economic forum.
Being able to authenticate users to enable efficient and effective interaction with organisations is vital to business strategies of the future.
Password-based consumer authentication was initially designed for employees, not customers or clients. User experience was not a concern. Today, in the age of fingerprint readers and facial recognition, people expect a seamless customer experience, and passwords are becoming a key factor in poor customer retention rates. Furthermore, from setup to reset and decommission, password management is costing companies millions of dollars per year.