Nok Nok Named Recipient of Frost & Sullivan’s 2020 New Product Innovation Award For Its Passwordless Consumer Authentication
Innovative Platform Removes Challenges with Sharing Biometric Information
Nok Nok, the trusted leader in passwordless authentication, today announced it has been recognized with the new product innovation award for 2020, because of its efforts to empower organizations to deliver digital experiences to their customers through its passwordless authentication platform.
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As the only recipient of the Frost & Sullivan 2020 Global New Product Innovation Award in the passwordless consumer authentication market, Nok Nok received the award for “properly addressing the challenges related to using passwords by providing an innovative passwordless authentication platform.”
At a time when COVID-19 has resulted in the current market need to accelerate and expand remote workforces that are connected digitally, including an increase in online consumer transactions – passwordless authentication is seeing a significant surge in strategic importance. For example phishing attacks increased in 2020, making organizations more receptive to the idea of adopting multi-factor authentication solutions, including the use of biometrics. The Nok Nok™ S3 Authentication Suite (Nok Nok S3 Suite), which incorporates global industry standards including those from the Fast Identity Online (FIDO) Alliance, stores authentication credentials locally on the device, and removes the concern from employees and consumers about sharing their biometric information with an employer or other third parties.
Customer success with Intuit was referenced in the New Product Innovation Award: Intuit was looking for a seamless yet secure authentication solution to enhance user experience and reduce existing issues with personal identification numbers (PINs) and passwords. Intuit’s strategy for identity management was a standards-based approach – Nok Nok was a perfect fit to leverage device biometrics for passwordless authentication. Intuit’s Nok Nok rollout to its millions of users resulted in a 20% reduction in authentication time and 99.9% authentication success when compared to SMS/OTP, which ranged from 80 to 85% success.
“As the most widely deployed FIDO-based solution, the S3 Authentication Suite is a comprehensive consumer passwordless authentication platform. Nok Nok is focused on providing practical support to individual customer requirements. The company delivers enhanced customer value by constantly introducing unique features to its S3 Authentication Platform, such as adaptive policies, quick authentication, and single-developer API,” stated Ram Ravi, Industry Analyst, Industrial Technologies, Frost & Sullivan.
The Product Innovation Award also recognized Nok Nok as co-founder of the Fast Identity Online (FIDO) Alliance, an open industry association with a focused mission: authentication standards to help reduce the world’s over-reliance on passwords. Currently, the FIDO Alliance consists of over 250 members that include industry leading organizations around the world including Alibaba Group, Apple, Google, Intel, Mastercard, Microsoft, Oberthur Technologies, Qualcomm, RSA, and Samsung.
Frost & Sullivan identifies 4 key value propositions offered by Nok Nok that significantly enhance customer value:
- Accelerate path to making passwords obsolete: Unlike competing solutions in the market that do not address all use cases or “build-it-yourself” models, Nok Nok’s solution enables customers to deploy a practical passwordless authentication solution in less time.
- Platform-agnostic support: Nok Nok provides support for the entire passwordless user lifecycle on any platform, enabling the broadest spectrum of passwordless authentication use cases, including frictionless on-boarding and progressive profiling, easy bootstrapping of new devices, account recovery, and suspension and de-provisioning of users. Other competing solutions in the market often only address a small subset of customer use cases.
- Proven and low risk: Having implemented many large-scale passwordless deployments across the globe at scale supporting 10’s of millions of users for each customer, Nok Nok has significant experience in successful commercial deployments for major authentication projects and is seen in the market as a reliable and high-quality vendor by new customers.
- Scalable and future-proof platform: By leveraging a FIDO-based specifications, organizations can take advantage of an industry standard that is supported by platform vendors. This ensures that customers can easily and cost effectively take advantage of ongoing innovation as new devices and authenticators are released into the market.
“We knew when we started this journey to bring together high tech, banking and telecom companies to make the internet more secure and in a user-friendly way it would not be easy,” said Phillip Dunkelberger, chief executive officer, Nok Nok. “The fact that FIDO standards and Nok Nok are now so globally accepted is a testament to the need for standards-based passwordless authentication solutions. We are honored that Frost & Sullivan recognized the innovation we bring to this front.”
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