Consumer preference favors data security
According to The Passwordless Future, a PYMNTS and Entersekt collaboration that examined responses from more than 2,500 U.S. consumers, consumers’ perception of security measures enhances their trust in their financial institutions (FIs). Those same findings suggest consumers are ready to embrace some other form of authentication other than the use of a password. Seems we’re not the only ones that are tired of having to remember all those different passwords…
Sixty-five percent of consumers said an emphasis on data security had an “extremely or very big impact” on their trust in an institution.
Sixty percent said the same about information on how transactions are secured, and 56% said it about having a detailed data protection and privacy statement.
PYMNTS found that consumers rated consistent experiences across all platforms to be nearly as important as a sense of data security when influencing their trust in their FIs.
Even though it’s still the most common authentication method, 45% of consumers would be comfortable with login methods that didn’t require a password. In addition, 47% agreed that a password will no longer be used, and 61% would be comfortable with login methods other than a password.
