KANSAS CITY, Mo.—A new study shows that Americans want more biometrics options for mobile banking as they view biometrics as more secure than passwords.
According to EyeVerify’s The Retail Banking Biometrics Confidence Report, which surveyed 1,002 U.S. adults, 79% of 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, reported BiometricUpdate.com.
Additionally, 42% 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,” Toby Rush, CEO and founder of EyeVerify, told BiometricUpdate.com. “Banks and payment providers have a huge opportunity right now to build brand trust by giving customers the user experience they want. Those who are investing in biometrics authentication will be able to increase customer usage and reduce risk at the same time.”
The report also revealed that biometrics reduce login friction and drive more people to log into mobile apps more frequently, enabling financial institutions to engage and provide value through their mobile apps, BiometricUpdate.com noted.
The study found that all the generational groups surveyed were likely to use biometrics for mobile banking, including 55% of Millennials, 58% of Gen X and Y, and 43% of Boomers. Meanwhile, 86% of respondents agree that biometrics makes logging into apps easier than entering a password.