Syniverse Holdings Inc.
11/25/2024 | News release | Distributed by Public on 11/25/2024 09:34
Why You Need an Omni-Channel Authentication Strategy | Syniverse
Why You Need an Omni-Channel Authentication Strategy
In our customer conversations, we are often asked two related questions:
- Do I need to replace SMS (One Time Password) OTP authentication?
-
If so, what method should I switch to?
It's easy to understand why these questions arise. Many articles and vendors flag the challenges with SMS OTP, while extolling the benefits of its new and different capabilities. Also, customers prefer simple solutions. They want a single, definitive answer that will quickly address all end-user requirements.
Unfortunately, it's not quite that simple. Here's why.
SMS OTP remains unique in its global reach, reliability, and user adoption. No other method comes close, not even email OTP. This is why SMS OTP remains the bedrock option for end-user authentication and will continue to be so for the immediate future.
However, new methods can significantly benefit key segments and use cases.
- Frictionless authentication reduces user abandonment, which can be as high as 70%, according to the Federal Trade Commission.
- Passkey authentication improves the sign-in success rate by 4x vs. passwords. (Google Security Blog).
- Rich Messaging channels, such as RCS and WhatsApp, increase trust and reduce phishing.
While neither of these can completely replace SMS OTP, they can deliver significant benefits. Some customers choose to stop at SMS OTP, normally because sourcing a range of Mobile Identity and Authentication capabilities requires multiple vendors. This is a legitimate concern. Managing many vendors is a challenge, particularly when it comes to the complexity of integrating multiple solutions.
However, for modern digital experiences personalization is key, and using a one-size-fits- all solution risks losing many high-value customer segments. Personalization, including of authentication, delivers critical benefits to both the end user and business. A self-tailored low friction experience means customers are more likely to stay with you, recommend you to their friends, and make repeat purchases!
For this reason, the future of authentication is omni-channel. This means offering a portfolio of authentication options to deliver the best, most secure, and cost-effective experience, case by case. However, the challenges of delivering this are real, which is why Syniverse believes that a single-vendor approach is critical for success. Working with one vendor reduces the complexity and overhead of implementing and managing an omni-channel authentication strategy.
Syniverse is a single source vendor that offers the gamut of authentication options and supports messaging use cases across the customer journey. Syniverse is uniquely positioned to deliver a highly cost-effective balance between CX and security.
Contact a Syniverse expert today to discuss how omnichannel authentication can support your business.
Want to learn more about optimizing your Mobile Identity and Authentication strategy? Download our whitepaper, Cracking the Security Trilemma.
Other blog posts in this series:
Why You Need Multi-Factor Authentication
Completing the Puzzle of Trusted Communications
What is Frictionless Authentication and Why You Should Use It