Our take: Consumers are increasingly understanding why identity checks are important. That’s a great relief for banks, as customers are likely to be more patient with going through them. Biometric features will ease some of the cumbersome process, and the research from FICO supports findings from other reports.
- According to a report from PYMNTS and Entersekt, 73% of consumers who access financial accounts via multiple devices are willing to log in with alternative authentication methods.
FICO’s data also aligns with one of our predictions for the banking industry in 2023: We expect data security and protection, including identity protection, will become table stakes for financial service providers. Financial institutions that focus on data privacy now will gain a major competitive advantage with consumers, who will prioritize it when choosing a financial services provider.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.