Consumers prefer speed, convenience and ease of use over security — even when it comes to accessing financial services online.
As many as 71 percent of financial consumers reported being satisfied with an authentication method if it was easy to use, while 62 percent like authentication methods that are convenient. In comparison, only 45 percent said they would prefer an authentication method due to its tight data security.
At the same time, though, the risk of identity theft and fraud is at an all-time high. Just last year, the Equifaxbreach, Russian ransomware attacks and a series of security breaches left consumers’ financial and credit information exposed, and trust ruined.
So, how are financial institutions (FIs) to reconcile the disconnect between the demand for fast, convenient identity verification and the need for strong digital security?