April 16, 2015 -
Credit reference agency Equifax has released a new study, conducted by YouGov on Equifax’s behalf, which found that UK consumers would prefer to use fingerprint recognition technology to gain access to their online bank accounts over answering security questions.
According to the study, which was conducted in February and surveyed 2,090 UK adults, passwords are the preferred security method (32% of respondents), followed by fingerprint recognition technology (31% of respondents), answering security questions (21% of respondents), and voice recognition solutions (3% of respondents).
The study found that 45% of respondents were frustrated by having to remember passwords and security answers when using banking and other financial service websites.
Additionally, the report found that 25% of respondents get frustrated at having to use additional devices to login into online financial accounts.
“While fingerprint and biometric technology usage in the financial industry is still in its infancy in the UK, the research shows that customers view it as a secure method of verifying their identity,” said John Marsden, fraud and identity expert at Equifax. “The public is ready to embrace fingerprint recognition and it is important that financial providers act accordingly.
“As technology evolves, we are seeing a shift in security preferences online. New biometric technologies could potentially see traditional means for authenticating identity online, such as passwords and security questions, become a thing of the past. Using fingerprint technology helps protect customers without the need to remember multiple passwords and pin numbers, while speeding up transactions and making the process more seamless.”
The study also highlighted current plans to develop a new, more efficient system for verifying internet users’ identity when they seek to open new bank account or purchase a financial product.
The Savings and Investments Policy project (TSIP), an organization of 50 entities from across the financial services industry established by the Tax Incentivised Savings Association (TISA), is currently developing a new ‘digital passport’ for financial services customers.