The key finding: Younger generations are demanding better online banking security from their financial institutions (FIs), but older cohorts say they feel safe enough.
That’s according to the “Consumer Authentication Preferences for Online Banking and Transactions” report from PYMNTS and Entersekt. The report polled 2,584 US consumers between September 26 and October 3, 2022. We dig into the report’s other major findings to see what other security measures consumers want from their FIs.
Same-level smartphones: Consumers feel that computers and mobile devices provide the same level of security when it comes to online banking.
Safe, but not safe enough: Consumers believe their FIs’ security measures are strong, but many want their FIs to implement even more controls.
This looks different: Consumers want additional security measures in place when conducting non-routine or high-risk transactions online.
The future of security: Consumers prefer biometric authentication methods over passwords.
Our take: Consumers are becoming more comfortable with accessing their financial lives through digital channels, and many of them feel that their accounts can be safely accessed via both computers and smartphones.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
One Liberty Plaza9th FloorNew York, NY 100061-800-405-0844