PALO ALTO, Calif. and LONDON—With nine out of 10 Millennials saying they use mobile banking on their mobile devices more than any other app, they have also revealed key technology gaps within current mobile banking options, according to a new survey.
Jumio, a digital ID verification company, said it conducted a study that evaluated opinions of more than 700 millennials about their mobile banking experiences, and discovered uncertainties about data security and frustrations with forgotten passwords that lead users to abandon their transactions all together.
Among the findings:
- 93% of survey participants confirmed that they have abandoned a mobile banking transaction -- applying for a credit card, opening a new account or simply accessing an existing account -- on at least one occasion. The primary challenge Millennials cited in these transactions was a forgotten password, further emphasizing the need for banking institutions to look beyond password authentication to ensure consumer engagement, Jumio said. "The security and frictionless customer experience offered by digital ID verification make it an ideal tool to fill the existing gaps in the mobile banking experience,” said Jumio CEO Stephen Stuut in a statement.
- Applying for a financial account is the most common financial service Millennials access via mobile devices, with more than 80% of participants reporting that they have done this at least once.
- The vast majority of Millennials (94%) want financial services providers to offer the ability to scan passports and drivers' licenses in order to authenticate their identities.
Jumio has published "Millennials Speak Out on Mobile Banking: Jumio's 2016 Global Survey of Millennials," a full eBook recapping the research and analysis, which was completed in September 2016.