Consumer Confidence in Biometrics Presents Opportunity for Banks to Grow Customer Trust, Engagement and Loyalty While Reducing Fraud Risk
KANSAS CITY, MO--(Marketwired - May 04, 2017) - EyeVerify Inc. today released The Retail Banking Biometrics Confidence Report to give financial institutions valuable insight into consumer preferences and behavior regarding various biometrics offerings.
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. Eight out of 10 (79 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. Banks and payment providers have a huge opportunity right now to build brand trust by giving customers the user experience they want," said Toby Rush, CEO and Founder of EyeVerify. "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.
High level takeaways include:
Biometrics Decrease Login Friction and Drive More App Use
By eliminating friction associated with password entry, customers are logging into mobile apps more frequently, giving financial institutions more opportunity to engage and provide value through their mobile apps. 86 percent agree that biometrics makes logging into apps easier than typing in a password. Twenty-one percent check their mobile banking and payment apps more than once a day when biometrics are enabled. Twenty-three percent log in once a day, and 30 percent log in a few times a week with biometrics.
Familiarity Breeds Comfort
Appetite for newer forms of biometrics including eye, face and voice recognition is growing as people get more familiar with the concept of using physical characteristics to authenticate their identities. When comparing those who use fingerprint scanning to the general population, the data shows that the more frequently they use it, the more likely they are to use other biometrics modalities for mobile banking and payments. Those who use fingerprint scanning once a day or more are twice as likely to use eye recognition as those who don't use fingerprint scanning at all.
Biometrics Drive Higher Trust in Brands
Biometrics reflect positively on brands by inspiring trust in those that offer it to their customers. Eighty-two percent of people believe that banks offering biometric authentication are proactively addressing mobile security. More than three-quarters (78 percent) agree that mobile apps with biometrics are more secure than apps that don't use it, and 82 percent say biometrics are more secure than passwords for mobile banking and payment transactions.
To download the report, go to www.eyeverify.com/retail-banking-biometrics-confidence-report.
EyeVerify surveyed a representative sample of U.S. adults who have used biometric authentication for mobile financial services, including mobile banking or mobile payments within the last 12 months. The web-based survey was fielded March 13-24, 2017 with a sample size of 1,002 (Margin of error +/- 3.1 percent at a 95 percent confidence level).
EyeVerify Inc. is the creator of Eyeprint ID™ -- transforming a picture of your eye into a key that protects your digital life. Eyeprint ID is a highly accurate biometric technology for smart devices that delivers a password-free mobile experience with convenient, secure, private authentication. This patented solution uses the existing cameras on mobile devices to image and pattern match the blood vessels in the whites of the eye and other micro features in and around the eye. To learn more, visit www.eyeverify.com.