Passwords are a pain. We all aim to protect both our customers and brand, however, passwords are weak, hard to remember and easy to hack. As organizations try to strengthen password policy requirements, legitimate customers fail and abandon into more costly channels like the call center. This cumbersome experience leads to customer dissatisfaction, potential churn, and higher operational costs.
But can we ever truly be password-free? What does this mean from a technological and security standpoint? How will this impact the digital identity trust we try to establish with our customers? And what about fraudsters - will this simplify their efforts of account takeover and data breaches? There are countless factors to consider when trying to understand if this is only a potential challenge we may one day encounter or truly a trend for which we must prepare.