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The right technology can make your business more successful and workflows easier - but the wrong one can wreak havoc with your internal processes. That’s why it’s a good idea to set some rules before adding any new technology, especially Multi-Factor-Authentication (MFA). Here are the three C’s our clients are overcoming with MIRACL Trust.
Complexity
In terms of user experience
What we call “user experience” covers all aspects of the end-users interaction with the company, its services, and its products. It is just as important as the technology itself. As a rule, users want technology to be as intuitive as possible. Research shows that the average employee spends about one week every two years (45 hours) learning software applications. And while your team might tolerate that, your customers won’t. They don’t have time to figure out your software; their login process has to be short and straightforward.
Less friction in the customer experience will pay off. 67% of mobile visitors are likely to make a purchase if they like the website’s user experience. 74% of visitors will return to a website if it’s mobile-friendly. 90% of users stop using an app due to poor performance.
That means friction in the user experience will result in a drop in sales: in a recent survey, 86% of surveyed U.S. consumers say that they either have abandoned or would abandon their cart or sign-up if the process were too difficult. Convenience trumps safety for customers. That might not be very wise, but it’s a reality every business has to face. To create a user experience that keeps customers coming back, look for an intuitive technology for your customers.
For the business itself
Technology should make your life easier, not add to the mental load. Will it change the core business?
New technology can fundamentally change the business’s structure in sales, marketing and other departments. Sometimes, that might be necessary, but it should be a conscious choice. Check the impact the software will have before buying and implementing it. That also holds true for MFA. MIRACL supports all browsers, comes with native support for Android and IOS and works seamlessly with your existing software.
- How does implementing this tech help us reduce complexity?
Your employees don’t want to waste precious time learning new technology and overwhelm the team. The work landscape is constantly changing and requires agile thinking, but that can quickly lead to overwhelm. That is especially true for cyber security and software authentication: Forrester Research states that large organisations spend up to $1 million per year on staffing and infrastructure to handle password resets. Operating the logistics of a large trucking company or managing the data of a big financial institution will always be a complex task. But not every aspect of your business has to be that difficult. Simplicity is critical when it comes to password security and logins. That’s one of the reasons we made MIRACL so straightforward - PIN based logins are easier than a password login is, increasing the chance your team will use it. Simplicity counts.
- Is the technology compatible with existing software?
Is new expertise needed to set up, configure and manage the new solution while maintaining the old one? Then, you’re in danger of creating a patchwork of technology that becomes more complex with each added piece.
An unwieldy tech stack involves more products and services, needs more engineering expertise and creates fewer new solutions for its customers.
These factors can spell business disaster—increased operational overhead that results in little to no profit for the company and its shareholders. MIRACL wants to be a beautifully simple, practical solution to the modern business problem of login security. You can integrate MIRACL at any point to support the authentication methods you already use. MIRACL’s login process is customisable to your bespoke needs: you can choose, as example, an email address, name or employee number to log in or any unique identifier as well as user flow that is right for your business or user experience.
Compliance
Covid-19 has changed the work landscape in many ways. In 2020, an estimated 18 million people worked from home in the U.K., and many millions more worldwide. Even though lockdowns are now largely a thing of the past, many employees continue to work remotely. For sectors operating within a strict regulatory environment, that poses additional challenges. They must protect market-sensitive information and comply with internal rules on electronic communication no matter where their teams work. Each new technology added increases the risk of a potential attack and puts valuable data at risk.
Configuring new software components for security and compliance in this scenario requires considerable time and effort, so it has to be worth it.
Internal compliance is one thing; external issues are another. Is this technology certified, and if so, by whom? Does it work in as many countries and circumstances as possible? For companies operating in the European market, is the new technology PSD2 compliant? If your company expands, will this technology grow with it? These are questions that need to be answered before each purchase. MIRACL is fully compliant with the most stringent security and privacy regulations like PSD2 Strong Customer Authentication requirements and GDPR, so your MFA is ready no matter what the future holds.
MIRACL Trust also adheres to New Jersey MFA Gaming requirements, enabling secure authentication with easy user experience.
Cost
Companies spend on software if they see a good ROI. The investment has to be worth it, so it pays to look closely. That holds true for MFA as well. It is best to split up the overall price into the following segments:
Setup costs
That includes design, configuration and rollout. Calculate how many hours it will take your teams to adopt the technology. Less tangible costs such as training and a price attributed to the increased productivity should be added, too. In contrast, MIRACL is set up in minutes and needs almost no training.
Maintenance costs
What are the monthly or yearly fees? How will you adapt the technology over time, and how much will that be? Physical tokens mean adding inventory, management, and shipping costs. Some MFA solutions ask you to re-up their tokens on a three-year interval and add-ons and extra features. Replacing broken tokens is another added cost. This is another area where the single login MFA MIRACL will save you money: there are no security keys that could be damaged or stolen, and it supports literally all browsers and comes with native support for Android and IOS. That even includes handsets up to a decade old.
Licence costs
Here, it is important to check any possible restrictions. That could be for a limited number of people, a specific country or a purpose. All these points vary from one software application to another, so ensure the software you choose covers everything you need.
Also, consider: is there a long-term competitive advantage if we adopt this new technology? The right software is also an investment in the future. It pays off to think ahead and spend a little time mapping out future challenges and opportunities technology could solve. When it comes to MFA, consider the costs a hacker attack involves or the stress it will cause to implement a cyber security solution within a short time frame because of new regulations that were ignored for too long.
Here, MIRACL can help you: implementation of our system will be quick and painless. Our single-step MFA will cost you only one-tenth of the cost of other MFA options, with no hardware necessary.
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