FB pixel

Online and mobile the preferred banking channels: BioCatch survey

 

BioCatch has released the results of its annual customer survey of the banking and financial service sectors, which found that most popular banking channels in both the US and the UK are web (36%) and mobile (29%).

The survey highlights notable trends in the banking and financial service industries in an effort to better understand the customers’ behavior and concerns.

Based on a representative sample of 600 banking customers from top-5 banks in both the U.S. and UK, the survey also shows that as banks add more functionality for their users, the adoption rates of web and mobile banking continue to grow.

“We’ve seen an uptick in online and mobile adoption rates among banking customers over the past few years and expect this trend to continue at a rapid pace as banks continue to improve their functionality,” said Oren Kedem, VP of products at BioCatch. “The main thing that banks need to contend with when adding functionality is the increased chance for security breaches that comes along with it. BioCatch’s behavioral biometric technology allows for the banking industry to add various service channels for their customers while maintaining the highest level of security possible.”

Other survey results include the lack of security being the greatest barrier to adoption for those customers who still do not bank online.

Of the respondents surveyed, 61% indicated that hacking concerns was their main reason for not online banking, while 26% said that the login process was too much of a hassle.

Additionally, respondents said their biggest pain points are limited functionality and inconvenient authentication, as 46% cited limited functionality, and 36% listed inconvenient login and authentication processes.

The survey results certainly highlight a strong opportunity for companies to market their biometric authentication solutions to financial institutions to integrate in to their web and mobile banking apps.

Previously reported, BioCatch recently launched its new account fraud detection solution which detects fraud in new user accounts in the retail banking, e-commerce and payments industries using behavioral biometrics analysis.

Article Topics

 |   |   |   |   |   |   | 

Latest Biometrics News

 

Growth of digital wallet use shaking up payment regulations and benefits delivery

Digital wallets are transforming online, offline and cross-border payments around the world, prompting calls for regulatory change in Australis and…

 

Sardine nets $70M in Series C funding for automated fraud prevention platform

Sardine, a startup that employs machine learning for fraud prevention, compliance and credit underwriting, has announced a $70 million Series…

 

Indonesia aims to boost digital ID uptake in bid for greater efficiency

Indonesia is digitizing its civil registration services in a bid for greater efficiency as the country’s citizens enjoy improved convenience…

 

Ondato’s biometric age verification joins NIST leaderboard

Ondato has joined the U.S. National Institute of Standards and Technology evaluation of age assurance algorithms in the latest update…

 

Digital identity strengthens super wallets, transforming India’s DPI

India’s digital transformation has been accelerated by its digital public infrastructure (DPI), a framework that enables seamless digital services through…

 

AU petitioned over legal ID discrimination suffered by Kenyan minority group

Legal representatives of a human rights group, Nubian Rights Forum (NRF), have submitted a petition to the African Union (AU)…

Comments

12 Replies to “Online and mobile the preferred banking channels: BioCatch survey”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events