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Complete Story
12/04/2023
Nearly 40% of Millennials Want More Visible Security Measures for Routine Transactions
PYMNTS
In today’s digital age, security is a top concern for consumers, especially when it comes to financial transactions, regardless of their frequency — be it routine or sporadic.
But while infrequent, high-risk digital transactions often receive the most attention in terms of security measures, online routine financial transactions are still important to consumers, according to findings detailed in “Visible and Invisible Security: Perceptions in Digital Banking,” a PYMNTS Intelligence and Entersekt collaboration.
According to the study, which drew on insights gathered from a survey of more than 2,500 U.S. consumers, nearly 50% of consumers are dissatisfied with their financial institution’s current security measures for routine digital activities and transactions, and 27% said their FIs should do more.
This highlights the need for FIs to provide additional security measures to address consumer concerns — measures that can be categorized into two parts: visible and invisible.
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