A recent survey by Ping Identity, a provider of seamless and secure digital experiences, underscores the paramount importance of effortless digital experiences for securing customer loyalty among Singaporeans. It also reveals how passwordless authentication methods could be the key to winning this loyalty.
The annual survey of 500 Singaporean respondents is aimed at capturing consumer sentiment about their interaction with brands online. It showed the significance of secure and easy functionalities to address the fear of identity theft and streamline access. As the digital landscape evolves, consumers still value not only online convenience but efficient security measures as well.
"In the digital age, customer loyalty hinges not only on a frictionless experience but on the assurance of security. These findings show how passwordless solutions can bridge the gap between security and experience to foster long-term trust", noted Jasie Fon, Regional Vice President of Asia at Ping Identity. Fon went on to suggest that "Businesses that prioritise easy, personalised experiences while alleviating security concerns will win a competitive edge".
Highlighting the vital role of user-friendliness, the survey discovered that 89% of Singaporeans use more than one password across different logins, and only 16% utilise unique passwords for all platforms. An overwhelming 73% of consumers admitted they are willing to abandon an online service if a competitor provides a substantially simpler login process. Indeed, a significant number of respondents, 66%, rely solely on memory to store passwords for personal use, but there is also a trend of noting passwords on phones (48%), using built-in password managers (41%), or manually writing them down (40%).
Despite the drive for simpler digital experiences, consumers also value the security of their data, especially with the recent expansion of artificial intelligence. About 75% of Singaporeans expressed their confidence in the national government's capability to securely manage their digital identity and credentials. A lesser fraction, 40%, have full faith in organisations handling their identity data, with the most trust placed in banks (71%), followed by healthcare services (58%) and insurance companies (50%).
The survey underscored a paradigm shift in consumer preferences: an improved login process could potentially make or break loyalty. It also shone a light on the dichotomy of consumer needs — the demand for simpler digital experiences on one hand and the need for secure data management on the other. Businesses that can deliver on both these fronts may therefore have a distinct edge in attracting and retaining loyal customers.
