Among the report's other key findings:

Digital experience expectations are very high. Seventy-three percent of consumers said when trying to create an account or process a transaction on a modern digital platform (i.e., online lending, payment, e-commerce and marketplace site, etc.), the process should happen instantaneously. Furthermore, 92% expect a fast, frictionless experience while also getting one that is as trustworthy and secure as possible.
Businesses face increasing pressure to get customer experiences right, every time. Three quarters do not have patience for subpar digital experiences due to alternative options available in the marketplace. An astounding 66% abandoned their account opening or transaction on at least one occasion due to friction, including the process taking too long.
Consumers who fear future fraudulent attacks, believe protection is the business' responsibility. Nearly half of North American consumers (nearly 40% overall) have personally had their identity stolen or been a fraud victim; while 90% are concerned they will be the subject of future fraud. Sixty-one percent of consumers believe the responsibility for avoiding fraud lies with the companies that have access to their personal data.
In the case of fraud, there are no second chances. If consumers do experience fraud on a company's platform, 91% say they likely will not use that company again in the future, while 86% say they will tell others about their fraudulent experience.

"What consumers have is never quite good enough, and their expectations are always that something better is just around the corner," the report said. "And the digital era that we live in enables this. Consumers can get what they want, when they want, so consumer-facing brands now need to provide not only great products and services, but also a great overall digital customer experience."

Instant Insights /

Many Consumers Want Frictionless Secure Transactions, or They Will Leave: Report

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