EyeVerify study finds consumers trust biometrics for mobile banking and payments
EyeVerify Inc. released The Retail Banking Biometrics Confidence Report, which explores consumer preferences and behavior regarding a range of biometrics solutions.
The survey of 1,002 U.S. adults revealed that they want more biometrics options for mobile banking and view biometrics as more secure than passwords.
Seventy-nine percent of the respondents said they want the opportunity to use more biometric authentication methods beyond the fingerprint (eye, face, fingerprint, and voice) to access mobile banking or payment apps.
Additionally, 42 percent said they wouldn’t use a banking or payment app that doesn’t offer biometric authentication.
“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,” said Toby Rush, CEO and founder of EyeVerify. “Banks and payment providers have a huge opportunity right now to build brand trust by giving customers the user experience they want. Those who are investing in biometrics authentication will be able to increase customer usage and reduce risk at the same time.”
The report goes into detail on the popularity of various biometrics modalities for mobile banking, frequency of use, and more, to give user experience, security and fraud prevention professionals at financial institutions data that can inform their biometrics investment decisions.
One of the main takeaways from the report is that biometrics reduce login friction and drive more customers to log into mobile apps more frequently, enabling financial institutions to engage and provide value through their mobile apps.
The study found that all the generational groups surveyed were likely to use biometrics for mobile banking, including 55 percent of millennials (35 and under), 58 percent of Gen X and Y (35-54), and 43 percent of boomers (55 and older)
Meanwhile, 86 percent of respondents agree that biometrics makes logging into apps easier than entering a password.
In addition, brands that offer biometric authentication appear to inspire greater trust with 82 percent of those surveyed stating they perceive banks that offer biometric authentication to be proactively addressing mobile security.
Eighty-two percent of respondents said biometrics are more secure than passwords, while 78 percent agreed that mobile apps with biometrics are more secure.
Twenty-one percent of respondents check their mobile banking and payment apps more than once a day when biometrics are enabled, 23 percent log in once a day, and 30 percent log in a few times a week with biometrics.
The survey also found that 79 percent want more biometrics options than just fingerprint recognition to access their mobile banking or payment apps, while 42 percent said they would not consider using a banking or payment app that did not offer biometric authentication.
Another key takeaway of the study is that as fingerprint recognition becomes more widely used, consumer interest in other biometric forms — such as eye, face, and voice — is increasing.
EyeVerify’s research also revealed that when comparing those individuals who use fingerprint scanning to the general population, the more frequently they use it, the more likely they are to use other biometric methods.