Switching to a new smartphone used to be one of the biggest problems for companies and users alike. High support costs and dissatisfied customers are now a thing of the past! Read here how to activate the new automatic account migration function in Airlock 2FA.
On average, we switch to a new smartphone every two to three years at the most: battery capacity decreases rapidly, applications run slower, and sooner or later we buy a new phone. In the past, setting up the new phone was a lengthy process: the phone had to be connected to a computer to restore all settings, photos and content.
Nowadays, however, setting up a new phone is a matter of minutes: you log in to your Apple or Google account, and the phone automatically syncs all the settings from your last device. For this reason, the old device is often sold within a few days, given away, or is no longer available anyway in case of theft.
But there is a catch: All apps and their contents are available again, but unfortunately this does not apply to the two-factor authentication codes which ensure that the user is allowed to access e.g. his eBanking with the authentication app. Unfortunately, the user only notices this when he wants to make a payment, for example. Since the old device is often no longer at hand for known reasons as well as the original onboarding letter (depending on the company) cannot be found quickly, the reactivation of the account must be initialized. I.e. call the helpdesk or fill out an online form... complicated, tedious, but doable. Much worse is the fact that the user is now locked out of eBanking for a few days and cannot make his payment until the registration information - often still sent by letter - reaches the customer.
Why automatic account migration is important
Technology companies have spoiled us lately: everything works instantly, everything is accessible quickly, conveniently, and without much friction. That's why just one extra step or minute too many causes users to abandon a checkout or onboarding process, or simply become dissatisfied with the provider.
For most banks, switching users to a new device is still an unresolved issue that causes effort and cost. Studies show that 40 to 50% of all help desk calls that burden financial service providers are related to authentication: be it onboarding, logins or just re-enrollment. Countless calls could be avoided if these issues were addressed in a user-centric manner.
Providing an intuitive user experience when using and accessing a service is critical in today's world. For time-sensitive services like banking, it's especially important to take care of a seamless user journey that doesn't create unnecessary overhead. Switching to a new phone is one of the most neglected use cases, where the user feels the friction the most. Thanks to Futurae's technology, this very use case is elegantly and automatically solved in the background to improve the user experience without compromising on security. Recovering an account now takes less than 6 seconds... great, right?!
Activate now!
Technically, a security token is created in parallel in the backup during setup, which is then queried when the new phone is put into operation or when the Authenticator app is opened for the first time, thus allowing the account to be migrated immediately and automatically.
The future is called "Adaptive"
Futurae is already launching "Adaptive Account Recovery", an extension to its existing account migration service that includes adaptive technology.
Adaptive technology is based on machine learning and uses algorithms that understand user context over time to create an accurate profile of a particular user's login patterns. The algorithms can track devices, typical login times or frequent work locations of a user, detect anomalies and more. Thus, during account migration, other risk-based checks run in the background to help ensure security without the user noticing.
Interested? Feel free to contact us!
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