The only way to solve this problem and eliminate friction is to get rid of SMS OTPs entirely. This leads to drop offs and lost revenue. With 62% of survey participants claiming an SMS OTP (one time passcode) never arrived, even after clicking “Send again,” it’s likely OTPs are being sent to another phone linked to the account. One of the most surprising findings is that one in three Gen Zers have more than one mobile phone number. With so much purchasing power, Gen Z is a key demographic for brands - but many businesses are losing out because they fail to provide seamless enrollment and login experiences. Reports indicate that Gen Z’s economic power is the fastest growing across the globe, with earnings expected to hit $33 trillion by 2030, accounting for more than 25% of all global income. In fact, analysts estimate that Gen Z already has a collective buying power of nearly $150 billion. These stats are alarming, especially when you consider that Gen Z is “the most marketed-to group of children, teens and young adults in modern history,” according to eMarketer. More than 50% of Gen Zers have left a website and 49.5% have abandoned an online purchase all because they forgot their password. While this demographic is largely mobile-first consumers, nearly 58.2% have failed to complete a website registration because the process was overly complex. This means businesses must do more to protect their accounts while simplifying the login experience.Īccording to the survey, 85.3% of the Gen Z participants use a mobile phone to do some or all of their online shopping, and 83.3% use a smartphone to log in to their banking accounts and payment systems, with 37% only using their phones for online banking and payments. They prefer mobile phones and want both ease of use and security. If it’s too difficult or complicated, you’ve likely already lost their business. The primary takeaway from Transmit Security’s report is that Gen Z is intolerant of poor login experiences. TEL AVIV, Israel & BOSTON-( BUSINESS WIRE)- Transmit Security, the Identity Experience™ company, announced today the release of its new survey: “ How Gen Z Is Shaping the Future of Passwordless.” The report includes survey findings from more than 600 Gen Zers in the U.S., ages 18 to 24, taking a deep dive into everything from their password habits and login preferences to online shopping behaviors and device usage.
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