KANSAS CITY, Mo.—A new report shares good news for the future of mobile banking and digital wallets.
A survey of adults in the United States revealed they view biometrics as more secure than passwords and would like more biometrics options for mobile banking, Security Sales & Integration reported.
The finding comes as many analysts say consumers are still concerned over security when it comes to mobile transactions, including digital payments.
The report by EyeVerify, maker of the Eyeprint ID biometric technology for smart mobile devices, found that nearly eight out of 10 (79%) respondents said they want the opportunity to use more biometric authentication methods beyond the fingerprint to access mobile banking or payment apps. Additionally, 42% said they would not use a banking or payment app that doesn't offer biometric authentication, Security Sales & Integration said.
Titled “The Retail Banking Biometrics Confidence Report,” the survey was conducted to give financial institutions insight into consumer preferences and behavior regarding various biometrics offerings, according to the company.
“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,” says Toby Rush, CEO and founder of EyeVerify, told the publication. “Those who are investing in biometrics authentication will be able to increase customer usage and reduce risk at the same time.”