Connection methods other than a password

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Consumers today have many forms of digital bank and financial accounts – banks with traditional branches, online-only banks, FinTechs, insurance companies, and brokerage houses.

Every interaction a consumer has with every institution has the potential to make or break their trust, whether it’s disclosing personal data to complete a transaction more efficiently via a password-less login or selecting a manager. financial.

Consumers’ perceptions of security measures boost their confidence in their financial institutions (FIs), according to The Passwordless Future, a PYMNTS and Entersekt collaboration that examines responses from more than 2,500 US consumers.

Get the study: The Future Without Passwords: Decoding Consumer Device-Based Authentication Preferences

Sixty-five percent of consumers said the focus on data security had an “extremely or very significant impact” on their trust in an institution. Sixty percent said the same about information about how secure transactions are, and 56% said a detailed data protection and privacy statement was needed. PYMNTS found that consumers rated consistent experiences across all platforms as almost as important as a sense of data security in influencing their confidence in their FIs.

The most common form of authentication method consumers use today is username and password, with 64% of consumers reporting using this combination to access digital financial services accounts at least once. per month. Just over a third use a personal identification number or email address, and about a quarter use a phone number or fingerprint scan.

Although this is still the most common authentication method, 45% of consumers would be comfortable with login methods that do not require a password. Additionally, 47% agreed that a password would no longer be used and 61% would be comfortable with login methods other than a password.

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NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

On: It’s almost time for the holiday shopping season, and nearly 90% of American consumers plan to do at least some of their purchases online, up 13% from 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers to find out more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.


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