More than half of users would share biometric data for seamless digital ID verification, survey says

The process of opening a new digital account can be a dealbreaker for 73 percent of consumers, found a Trulioo survey that suggests speed and security are critical to provide a seamless digital verification process.

As per its research titled Consumer Account Opening Report 2020, users in both the U.S. and UK are no longer willing to tolerate a poor experience and 77 percent would instantly choose a different digital service. When asked about their experience with digital service in the financial industry, less than 43 percent were pleased with previous experiences, 37 percent were satisfied with the process of opening new accounts in retail, and 44 percent were pleased with their overall experience across online marketplaces.

Some 85 percent of respondents are less likely to abandon the process for an online marketplace if real-time identity verification is rolled out, yet 62 percent overall prefer a slower process with more thorough identity verification. When opening a new account, as many as 52 percent of consumers would provide biometric information such as fingerprints, face scans and selfie images.

People aged under 35 are more open to providing biometric data to verify their identity, the survey found. Overall, 65 percent of respondents would be comfortable providing biometric data for identity verification in online gambling, 56 percent would provide it for online retailers and financial services, while 54 percent would share it for online marketplaces.

In terms of online security, 51 percent were “very concerned” they could fall victim to identity theft when on sites related to financial services.

“In such a competitive environment where consumers have infinite options online, businesses need to ensure they are providing consumers with a fast and seamless digital experience without placing their security and identity at risk,” said Zac Cohen, COO of Trulioo, in a prepared statement. “The digital experience starts with the account creation process. First impressions are even more important in a digital environment where switching providers is only one click away.”

As many as 90 percent of customers said security is a critical component when opening a new account, whether it is in financial services, retail or for an online marketplace. Flexibility and seamlessness ranked second and third in terms of importance. In financial services, 90 percent believe providers have to take all the necessary steps for identity verification to protect against cybercrime, however just as many fear their identity is at risk when using retail sites and 58 percent worry about fraud when approving transactions on an online marketplace.

“Consumers live in a real-time world where they can transfer money, shop for a new couch or book accommodations halfway around the world with one click, and they want the account creation process to be as secure and intuitive as the rest of the customer experience,” said Cohen, in the release. “Achieving the right balance for each customer segment is key — for financial services, retail, online marketplaces and more. Those businesses that can onboard customers in an optimized way will set the landscape to forge stronger, more trusted customer relationships.

Last month, Trulioo added an image capture SDK to help ease ID document verification and workflow.

Article Topics

biometric data  |  biometrics  |  consumer adoption  |  cybersecurity  |  digital identity  |  identity verification  |  secure transactions  |  Trulioo