• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

Survey Finds Many Financial Services Customers Open to Passwordless Login Options

February 14, 2022

Survey Finds Many Financial Services Customers Open to Passwordless Login Options

Most consumers are ready to move on beyond passwords when accessing financial services, and over a third would be willing to try using biometrics, according to survey data collected by PYMNTS and Entersekt.

The organizations have published a report, “The Future of Authentication in Financial Services”, based on a survey of 2,719 consumers conducted between September 10 and September 27 last year. Six in 10 the respondents said that when accessing digital financial services, they would be willing to try login methods other than passwords, and that sentiment was even stronger among those who access such services across multiple devices, with 73 percent indicating a willingness to use password alternatives.

Asked how reluctant they would be to using a fingerprint scan for authentication in private settings, about half (49 percent) of the respondents said either “not at all” or only “slightly”. In public settings, that number dipped to 47 percent.

Respondents were a little more apprehensive about facial recognition, with 44 percent saying they were “slightly” or “not at all” reluctant to login with a face scan in private, and 41 percent responding that way with respect to public settings. That face scanning appears to be less popular than fingerprint recognition will come as a surprise to many who have observed the ongoing boom in selfie-based onboarding over the last few years, but it may simply be a product of widespread familiarity with fingerprint scanning, which has been used across more consumer devices for a longer time than face-based authentication.

Unsurprisingly, fewer respondents were comfortable using voice biometrics in public – just 37 percent said they were “slightly” or “not at all” reluctant to do so, but that number rose to 43 percent in private settings.

Enthusiasm (or lack thereof) about biometric modalities aside, a majority of survey respondents indicated it’s important to them that a financial services provider takes their data security seriously. Sixty percent said that being informed about how their transactions are secured has an “extremely” or “very” large impact on their trust in financial services providers, and 44 percent said that having access to a passwordless login option is “very” or “extremely” influential in their trust level. That suggests financial services providers must consider newer approaches to authentication if they want to be competitive in customer acquisition and retention.

The full report can be downloaded from PYMNTS’ website.

–

February 14, 2022 – by Alex Perala

Related News

  • Financial Biometrics Month: The State of the Art in Banking BiometricsFinancial Biometrics Month: The State of the Art in Banking Biometrics
  • Philippines’ Challenger Bank Uses Daon’s IdentityXPhilippines’ Challenger Bank Uses Daon’s IdentityX
  • Juniper Research Opens Nominations for ‘Fintech & Payments’ DisruptorsJuniper Research Opens Nominations for ‘Fintech & Payments’ Disruptors
  • Entersekt Teams Up With Bonifii to Secure Credit Union OperationsEntersekt Teams Up With Bonifii to Secure Credit Union Operations
  • Veridas Opens New Offices in San Francisco and Mexico CityVeridas Opens New Offices in San Francisco and Mexico City
  • Biometric Cards Specialist Zwipe Names Esteemed Finance Exec as New CFO and Head of IRBiometric Cards Specialist Zwipe Names Esteemed Finance Exec as New CFO and Head of IR

Filed Under: News Tagged With: Biometric, biometric login, biometrics, consumer survey data, Entersekt, facial recognition, financial services, financial services biometrics, fingerprint recognition, FinTech, passwordless authentication, survey data, voice recognition

Primary Sidebar

Identity is Shaping Air Travel – Time to Invest

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

TECH5 logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • Another Big BIPA Ruling, Paris Olympics Legislation, NEOM Airlines, and More: Identity News Digest
  • FacePhi Co-founds Social Impact Project With Spanish University, Investment Group
  • The NSA and CISA Highlight On-device Privacy: Identity News Digest
  • On-demand Webinar: Building a Passwordless World
  • Webinar: Building a Passwordless World with Prove’s Bill Fish

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 FindBiometrics