Mitek-sponsored study shows biometrics’ customer satisfaction boost
Biometric authentication has already been yielding customer experience benefits for organizations adopting it in several industries, the report shows.
Biometrics increased customer satisfaction by 8 percent for bank accounts at challenger banks and 22 percent for loans at traditional banks, both of which are particularly vulnerable to synthetic identity fraud attempts. Customer satisfaction improved by 14 percent for online gambling customers and 5 percent for accommodation and hotel booking with the introduction of biometrics.
Two-thirds of those using biometrics on their laptop or desktop computer are satisfied or very satisfied with performing authentication that way, while over three-quarters of mobile device biometrics users are satisfied with the process.
Consumers have an easier time using biometrics to authenticate than legacy methods. Only one in 20 say they struggle with biometrics, while one in three consumers say that remembering multiple usernames and passwords is their biggest authentication gripe.
Businesses in most sectors are adapting to consumer expectations. The lowest adoption of biometrics is seen in peer-to-peer lending, at 2 percent. Dissatisfaction with authentication processes was also highest in this sector, at 25 percent.
The study points out the threat that generative AI, often used in the production of synthetic identities, could pose to unsophisticated authentication systems in the future.
The study also suggests that governments may eventually transition to a single reusable digital ID that can be used in tandem with biometric authentication.