The key finding: Younger generations are demanding better online banking security from their financial institutions (FIs), but older cohorts say they feel safe enough.
That’s according to the “Consumer Authentication Preferences for Online Banking and Transactions” report from PYMNTS and Entersekt. The report polled 2,584 US consumers between September 26 and October 3, 2022. We dig into the report’s other major findings to see what other security measures consumers want from their FIs.
Same-level smartphones: Consumers feel that computers and mobile devices provide the same level of security when it comes to online banking.
- More than half (57%) of respondents said smartphones and computers are equally secure for conducting financial transactions.
- 61% of those surveyed said they access their bank accounts on smartphones, and 52% said they use them to pay bills, rent, and loans.
- 71% of consumers polled said they use their smartphones more than any other device to send and receive money between friends and family.
Safe, but not safe enough: Consumers believe their FIs’ security measures are strong, but many want their FIs to implement even more controls.
- Overall, 83% of respondents said they are confident in their banks’ security protocols, but half of respondents expressed a desire for additional security measures.
- Looking at various cohorts, the study found that younger generations wanted to see more security controls. This includes Gen X at 52%, Gen Z at 57%, and millennials at 63%. A lower percentage of older cohorts, like boomers and seniors (33%), felt the need for additional security measures.
- Of all respondents who don’t believe their banks provide enough security features, 50% said they want more visible methods, like entering a password.