We recently attended Kuppingercole’s Consumer Identity World Tour 2018 in Amsterdam and we thought we’d share some CIAM market insights.
The need for Customer Identity and Access Management has never been so necessary. Digital identities are no longer merely extensions of our actual identity; it could be argued that in the digital age the two are now intertwined. With this new symbiosis comes greater cyber responsibilities, something businesses need to pay apt attention to.
CIAM is all about deploying strong solutions that securely capture and manage consumer identities and profile data, as well as safely and responsibly controlling customers’ accessibility to applications and services. A strong CIAM solution should offer a range of appropriate features including single sign-on (SSO), multi-factor authentication (MFA), access management, directory services, and data access governance. They should provide a secure, flawless customer experience which protects users’ data, regardless of whether they choose to engage with a brand via web or mobile. The CIAM objective is to provide a cybersecurity service which mobilises and transforms customer experience into rewarding engagement.
Customers choose who they do business with and will withdraw from a business if the digital experience isn’t sufficient; a more than satisfactory customer experience is now a critical differentiator. 86% of customers suggest they will pay more for higher digital standards, but only 1% of customers feel that companies consistently offer this. Given recent publicised security breaches and data misuses at giant tech firms such as Google and Facebook, consumers are conscious more than ever about their chosen business’s responsibility to secure and manage their data. If firms cannot provide this, consumers will walk away. Take Facebook as a fitting example. According to the Guardian 87million users were affected by Facebook’s recent data breach, and since this the company has lost tens of millions of users so far in 2018, wiping over $100billion off of their market value. It is true that no business is immune from cyberattacks and data breaches, however, they need to prove that they weren’t complicit in the matter and did everything in their power to prevent it or risk, like Facebook, losing their users.
With the need for greater security and privacy measures also comes the need for a sleek, seamless experience to boost users’ retention.
CIAM is deployed to balance user experience, privacy, and security. In today’s customer-centric digital world, enterprises must take it upon themselves to consider things from the customer’s perspective. And if they do so, they soon learn that customer experience is paramount to success. Delivering a contemporary, seamless experience through a unique digital platform is of the greatest importance in order to secure customers’ engagement. Blending this art of engagement with the absolute need to secure data and ensure privacy is precisely what CIAM is all about.
In lieu of this, naturally enterprises have started to collaborate their Marketing and Technology departments in order to successfully deliver the above: enter MarTech, a new inter-disciplinary business strategy we’ll undoubtedly be seeing much more of in days to come. MarTech essentially blends Marketing and Technology departments to produce the perfect climate to heighten customer satisfaction and ensure customer retention. MarTech allows for businesses to achieve their CIAM goals and fulfil – even exceed – their customers’ digital expectations. In times of constant digital upgrades and ever-growing user expectation, businesses mustbe paying constant attention to how users engage with their platforms and how they can be regularly updated to keep in-tune with this engagement. Blending both Marketing and Technology departments allows for specific attention to be payed to this, inevitably ensuring a much more practical, aesthetic CIAM experience.
Aesthetics, functionality, and security are what create the ideal CIAM platform. And the time is now for businesses to include such platforms in their digital transformations. If you are further interested in CIAM please go ahead and check out our client Ubisecure at ubisecure.com for more information.