Younger respondents report creating new accounts at much higher rates than those in older cohorts. For example, the 18-to-29 group opened more than four new accounts, on average, in the previous three months — double that reported by the 60+ group. However, the average number of accounts maintained remains largely steady across age groups, suggesting high levels of account churn for younger consumers; for each new account that’s created, these consumers are deleting or abandoning an old one.
Holding on to large numbers of inactive accounts creates security risks, especially if a consumer reuses passwords. A threat actor that compromises an inactive account may end up with the proverbial “keys to the kingdom” — credentials that allow them to access other resources.
Keeping track of digital footprints.
Among consumers, there’s a growing understanding that online activities leave a data trail. What’s more, there’s greater interest in managing that digital footprint. A majority (approximately 71%) of survey participants said that they’re aware of their digital footprint, and within that group, 62% of respondents are actively taking steps to mitigate the size of that footprint.
This finding should serve as a reminder to digital and marketing leaders: Brands that want to win the long-term loyalty of their customers should be transparent about what data they’re collecting and how they’re using it.
Additionally, providing customers with tools that empower them to manage their own digital profiles makes it easy for them to share the information they want and exercise control over their data trail.
Passwords belong in the past.
Friction has long been the enemy of conversion, and that remains true for today’s consumers. Nearly 60% of survey participants said they’d be more likely to spend money if offered a simple, secure, and frictionless login experience.
This is especially true for younger consumers, who are about a third more likely than older cohorts to spend money when offered a great login experience. As this generation comes of age and gains buying power, it will be increasingly important to deliver the seamless and streamlined digital experiences they prefer.
Survey participants also report that they experience a great deal of frustration when it comes to managing their passwords.
- 33% say that they feel frustrated when they have to create passwords meeting certain requirements
- 63% say that at least once a month they’re unable to log in to an account because they forgot their username or password
- 24% run into this problem at least once a week
Naturally, Identity flows like account creation, sign-in, and obtaining consent are key parts of the customer journey. From this perspective, it’s clear that friction here can easily result in cart abandonment or even account abandonment. The cost of login friction can be as high as the lifetime value of every frustrated customer.
Brands that adopt modern Customer Identity solutions — especially those supporting passwordless authentication — can expect to see less churn, which translates into a boost to the bottom line.
Control wins out over convenience.
Consumers in every region want control over what data they share and how it’s used. This was the case across all industries and age cohorts. In fact, more than 75% of respondents across all age groups reported that it was important to them to be able to control their data by changing privacy settings, limiting information-sharing, or taking similar measures.
When asked to choose between convenience and control, most participants would choose control, especially when dealing with financial services, healthcare, and public sector organizations.