Millennials Open to Alternative Authentication at Banks
4-28-2017
Consumer perception of various forms of authentication is the subject of a new report from Aite Group, “Moving Beyond the Password.” The report is based on a January 2017 survey of more than 1,000 U.S. consumers who use online and/or mobile banking.
While passwords are a well-understood mechanism among consumers and businesses, movement to another identification method to access accounts is being considered by many banks and financial institutions.
Among Millennial survey respondents, 95 percent are very willing (48 percent) or somewhat willing (47 percent) to switch to non-password identification methods, according to the Aite Group report. By contrast, 82 percent of Generation X are very willing (40 percent) or somewhat willing (42 percent) to make the transition; 82 percent of Baby Boomers are very willing (29 percent) or somewhat willing (53 percent); and 64 percent of seniors are very willing (16 percent) or somewhat willing (48 percent).
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.