Consumers Trust Biometrics for Mobile Banking and Payments
Eight in 10 bank customers want biometric authentication beyond the fingerprint in their mobile banking and payment apps, and 42% said they refuse to use mobile banking or payment apps that don’t have biometric authentication, according to a new survey.
“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,” said Toby Rush, CEO and Founder of EyeVerify, which conducted the survey. “Those who are investing in biometrics authentication will be able to increase customer usage and reduce risk at the same time.”
Key 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. 86 percent agree 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 percent 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 people believe that banks offering biometric authentication are proactively addressing mobile security. More than three-quarters (78 percent) agree that mobile apps with biometrics are more secure than apps that don’t use it, and 82 percent say biometrics are more secure than passwords for mobile banking and payment transactions.