Consumers want more authentication options
In the latest edition of the Mobile Banking App Playbook series, a PYMNTS and Entersekt collaboration based on a census-balanced survey of over 2,580 consumers, we examine personalization and control as a way to meet consumers’ digital demands, especially around what they want – but don’t necessarily get – in the feature sets of mobile banking applications.
See more: Mobile Banking app playbook
Getting to the heart of the matter, the Playbook notes that “Trust is a critical component in delivering the digital banking capabilities that consumers expect, but many consumers want more. They also want more control over their digital banking security – the authorization process, in particular – because 64% of all consumers consider it “very” or “extremely” important to be able to set additional security requirements for them. specific transactions.
In addition, 68% want to authenticate specific transactions “because it offers additional security, 62% think it protects them from fraud and almost as many say it reassures them”. A high percentage equate authentication control with reduced risk of fraud on mobile applications, with 56% saying the risk of fraud would be lower if they had better control.
The specific types of transactions are classified differently by respondents. The Playbook reveals that 90% of consumers want additional authentication “when they send money to friends or relatives, and 89% would like them when they open new accounts at banks where they already have accounts. “.
Trust plays its central role, with the Playbook noting that “the level of consumer interest in being able to control which transactions require authentication varies depending on how much trust they have in their banks. The more consumers trust their banks, the more they want to control most of their transactions. All consumers who don’t trust their banks at all say they would like additional authentication to initiate payments from merchants or entrepreneurs, for example. Eighty-eight percent of consumers who trust their bank “a lot” say the same thing. “
The Consumer Banking Apps Wish List is a look at how the banking public views both banks and the mobile apps they currently provide. He suggests room for improvement.
Noting that “nearly a third of consumers would use their mobile banking apps more if their banks covered liability for potential fraud,” the Playbook adds that 26% said they would use banking apps more if they simply offered more. choice of authentication.
“Interest in a personalized user experience is particularly high among members of credit unions, who would use their apps more if they offered more features,” according to the Playbook, which adds that 24% of consumers “would like to be able to recover their notes credit. , and 58% of credit union users would like their banking apps to send them real-time account activity notifications. Baby boomers and seniors are the most interested demographic: 68% of them are interested in real-time notifications, compared to just 45% of Gen Z consumers. “
See also: The mobile banking app’s playbook