NEW YORK—A new survey has found most digital banking consumers believe smartphones and computers are equally secure for several select online financial activities.
The findings were revealed in the “Consumer Behaviors and Perceived Security Across Devices” report, in which PYMNTS gathered insights from a survey of 2,584 individuals in the United States to assess how consumers prefer to authenticate online financial transactions and to gauge perceptions of digital security when transacting online.
Data from the joint PYMNTS-Entersekt research revealed that 57% of banking customers consider both smartphones and computers as offering the same level of security when sending and receiving money to and from family or friends, PYMNTS said.
A ‘Slight Lead’
Similarly, nearly 56% of individuals expressed an equal level of trust in these devices when it comes to accessing their bank accounts, while almost 60% of consumers equally trust these devices when paying for goods and services, PYMNTS reported.
The report found, however, that smartphones had a slight lead in terms of perceived security for money transfers between friends and family, with 22.2% of respondents finding mobile devices to be more secure, compared to 20.5% expressing the same sentiment about computers.
Additional Findings
When it came to making purchases, 22% of participants also considered smartphones to be more secure, in contrast to 18.8% who favored computers, PYMNTS reported.
“On the flip side, computers edged out smartphones in three instances: accessing bank accounts; paying bills, rent or loans; and spending or sending large amounts of money. The widest gap was perceived in the latter, with nearly 27% of consumers leaning toward computers as their preferred choice for transferring huge funds compared to just 19% for smartphones,” PYMNTS said in releasing its findings. “Overall, the research found consumers want to be in control of their digital security when engaged in online financial activities, and financial institutions can play an important role in assuaging their concerns.”
The Recommendation
“To empower banking consumers and bolster their trust in digital financial services, FIs must prioritize robust multichannel authentication strategies,” the report recommended.
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