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Gen Z Consumers Give Banks Less Than a Passing Grade on Bank Authentication
When consumers think about how secure their bank accounts are, that can trigger a powerful emotional response to what is ultimately a matter of bank-grade security.
This topic is analyzed in Consumer Authentication Preferences for Online Banking and Transactions, a PYMNTS and Entersekt collaboration, based on a survey of close to 2,600 U.S. consumers and with a particular focus on online financial authentication preferences.
To put it succinctly, a major takeaway from this research is that consumers want more security from banks. Cross-referencing generational belonging with income levels, the study deduced that consumers are generally comfortable with the transactional authentication offered by banks and financial institutions (FIs), but there’s room for improvement.