2018 U.S. Consumer Banking Channel Preference Survey: Digital Banking Authentication — The Death of User ID and Password Has Been Greatly Exaggerated
This IDC Perspective discusses the IDC's 2018 U.S. Consumer Banking Channel Preference Survey conducted among 2,501 U.S. residents who are 18+ and have an active checking account. How individuals authenticate themselves to their bank or credit union has increased dramatically as technology has become readily available to use biometrics to ensure that the person conducting the transaction is in fact who they say they are. However, many customers are content with using user IDs and passwords, thus creating a perfect opportunity to show the benefits of biometrics while helping reduce fraud and improve the overall experience.According to Marc DeCastro, research director at IDC Financial Insights, "When it comes to improving the overall customer experience, using biometrics seems to be an ideal way to reduce friction by forcing complex passwords, challenge questions, and periodic password changes. That said, in the near term, user IDs and passwords are so engrained in how we operate that it will take time to migrate customers and capture their biometric signatures, so plan accordingly."
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