In 2019, Intuit — a global technology platform — joined other industry leaders to share on the Identiverse stage their experience in implementing FIDO authentication. The progress in adopting FIDO authentication standards, in partnership with Nok Nok Products, has been consistent since then. While FIDO Alliance members are at the forefront of the initiative to push password free authentication, the technology has been rolled out to various products.
There are millions of customers using Intuit. All of them put their trust in the company to handle sensitive financial information. Intuit decided to roll out FIDO authentication standards on its major mobile apps. Thus, connecting it to TurboTax, QuickBooks, QuickBooks Self Employed, and Mint, among others.
It aims to add layers of security. However, that is not the only benefit. Another major advantage it offers is more convenience to the user experience.
What the Results Say
Now, Intuit takes the Identiverse 2021 audience on a journey. It showed how FIDO Authentication impacted the company’s user experience.
The use of passwords can turn into a pain point for businesses. It affects the customer experience. There are countless instances when users decide to abandon their transactions because they forgot their passwords. Then, resetting their passwords add another step to their sign-in process. However, companies must offer security. That is where passwordless authentication can help.
According to Intuit, the registration rate on their mobile app increased by 80% when FIDO was connected. The convenience of not having to think and memorize a password to sign in to a platform makes it more appealing to users.
The sign-up journey also improved. Since onboarding is password free, more users signed up. Intuit saw a 10% improvement in sign-up conversion. Additionally, the time a user spends to sign up was reduced by 50%.
FIDO Authentication Standards
FIDO (fast identity online) standards refer to the authentication protocols developed by the FIDO Alliance. The goal is to ensure security and improve user experience by implementing passwordless authentication. These include biometrics scan, face recognition, voice recognition, and the likes.
The goal is to reduce the reliance of businesses and customers on passwords. Thus, decreasing friction while making the onboarding time more convenient. Companies like Intuit are a testament to this.
If you want to learn more about FIDO authentication and passwordless authentication, check out Nok Nok Products. Nok Nok Products, a member of the FIDO Alliance, offers password free customer authentication that is frictionless and is available in multiple channels.