DENVER– Two-thirds of adults say they would have more trust in their financial institution if it offered a mobile-based biometric authentication solution for in-person or phone-based transactions, according to a survey offered by a company that offers just such a solution.
The survey, conducted in conjunction with the Filene Research Institute by MemberPass, the solution offered by the CUSO CULedger, also found COVID-19 has had an immediate impact on how consumers interact with their bank or credit union. The survey found 51% of bank customers, 68% of credit union members and 82% of those with accounts at both types of institutions reported changing their preferred contact methods due to the pandemic.
“This showcases that there is a distinct shift in channel utilization, with many branches having to modify the way they authenticate their members’ identities,” according to CULedger.
Among the other findings: More than half (51%) of all credit union members had experienced identity theft and 68% had experienced debit or credit card fraud. These experiences influence the way people feel about authentication tools, with 61% of ID theft victims and 69% of card fraud victims indicating they would use a mobile biometric-based authentication solution to better protect their accounts, the company said.
Demand is Confirmed
“The findings from this survey confirms that there a demand from consumers to upgrade security for financial interactions at credit unions,” said Julie Esser, senior vice president, marketing and communications. “With MemberPass, credit unions can extend an extra level of security, trustworthiness and transparency with every transaction, allowing members to be in control of their identity while streamlining the authentication process.”