Consumers Are Putting Trust in Biometrics for Mobile Banking, Survey Says
Consumer confidence in biometrics as a more secure authenticator than passwords is on the rise, according to a new survey by EyeVerify.
KANSAS CITY, Mo. — A survey of adults in the United States revealed they view biometrics as more secure than passwords and would like more biometrics options for mobile banking.
The report by EyeVerify, maker of the Eyeprint ID biometric technology for smart mobile devices, found that nearly 8 out of 10 (79%) respondents said they want the opportunity to use more biometric authentication methods beyond the fingerprint to access mobile banking or payment apps.
Additionally, 42% said they would not use a banking or payment app that doesn’t offer biometric authentication.
Titled “The Retail Banking Biometrics Confidence Report,” the survey was conducted to give financial institutions insight into consumer preferences and behavior regarding various biometrics offerings, according to the company.
“Most people use some form of biometrics every day, but they want more opportunities to use it to make their lives easier and more secure. Banks and payment providers have a huge opportunity right now to build brand trust by giving customers the user experience they want,” says Toby Rush, CEO and founder of EyeVerify. “Those who are investing in biometrics authentication will be able to increase customer usage and reduce risk at the same time.”
The report goes into detail on the popularity of various biometrics modalities for mobile banking, frequency of use and more to give user experience, security and fraud prevention professionals at financial institutions data that can inform their biometrics investment decisions.
Takeaways from the survey include:
Biometrics decrease login friction and drive more app use — By eliminating friction associated with password entry, customers are logging into mobile apps more frequently, giving financial institutions more opportunity to engage and provide value through their mobile apps. A majority of responsdents (86%) said that biometrics makes logging into apps easier than typing in a password. Twenty-one percent check their mobile banking and payment apps more than once a day when biometrics are enabled. Twenty-three percent log in once a day, and 30% log in a few times a week with biometrics.
Familiarity breeds comfort — Appetite for newer forms of biometrics including eye, face and voice recognition is growing as people get more familiar with the concept of using physical characteristics to authenticate their identities. When comparing those who use fingerprint scanning to the general population, the data shows that the more frequently they use it, the more likely they are to use other biometrics modalities for mobile banking and payments. Those who use fingerprint scanning once a day or more are twice as likely to use eye recognition as those who don’t use fingerprint scanning at all.
Biometrics drive higher trust in brands — Biometrics reflect positively on brands by inspiring trust in those that offer it to their customers. Eighty-two percent of respondents report they believe banks offering biometric authentication are proactively addressing mobile security. More than three-quarters (78%) agree that mobile apps with biometrics are more secure than apps that don’t use it, and 82% said biometrics are more secure than passwords for mobile banking and payment transactions.
EyeVerify surveyed 1,002 U.S. adults who have used biometric authentication for mobile financial services, including mobile banking or mobile payments within the last 12 months. The web-based survey was fielded March 13-24.
To download a copy of the report, go here.
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