Technology has redefined our lives in many ways, not the least of which is how we manage our digital identities. As Dalmore is consistently on the lookout for opportunities to increase conversions and enhance the investor user experience one tool that stands out is Single Sign-On (SSO).
Understanding Single Sign-On
Single Sign-On (SSO) is a user authentication service that permits a user to use one set of login credentials (e.g., username and password) to access multiple applications. In an age where users navigate between countless digital platforms every day, SSO significantly simplifies the login process by reducing the need to remember a myriad of passwords.
SSO can enhance security by minimizing opportunities for human error (like using simple passwords or reusing the same password), reducing the chances of phishing, and providing IT administrators better control over user access.
The Impact of SSO on Conversions
Every business seeks to increase conversions. A high conversion rate is a clear indicator of successful marketing and investor acquisition funnel. It signifies that your app or offering resonates with the user. However, one aspect that often hinders conversions is a complex login process.
A recent study showed that 30% of users abandon their checkout flow when prompted to create a new account, and around 86% of users are bothered by having to create new accounts on websites. This is where SSO can become a game-changer.
By simplifying the login process and reducing the friction often associated with creating new accounts or remembering multiple passwords, SSO can help increase conversions. Baymard Institute’s research shows that the implementation of SSO can improve conversion rates by as much as 20-40%.
How SSO Enhances User Experience
User experience is pivotal to the success of any online platform. It directly affects a user’s perception of the platform and, consequently, their likelihood to return or recommend it to others. SSO plays a significant role in creating a seamless, convenient user experience.
- Convenience: SSO eliminates the need to remember multiple passwords, providing a more straightforward and less frustrating experience.
- Time-efficient: Users no longer need to undergo lengthy sign-in or account recovery processes, making navigation faster and more efficient.
- Security: SSO provides users with a sense of security. It ensures their login information is well-protected, while also preventing them from falling victim to phishing attacks or forgetting their passwords.
Final Thoughts
As the digital world continues to expand, investor convenience, security, and an improved user experience are becoming more critical than ever. Single Sign-On (SSO) addresses all these aspects, providing a seamless login experience, increasing conversions, and instilling a sense of security among users.
At Dalmore, we understand the importance of embracing innovations like SSO. As a part of our continued efforts to deliver a seamless investor user experience, we ensure our clients benefit from the advantages of Single Sign-On technology. Google and Apple SSO come standard with Dalmore Direct and Dalmore Fraction. By doing so, we not only provide a more streamlined experience but also help increase conversions and drive a better investor experience.
