Financial institutions (FIs) want to retain their customers, cementing relationships already in place – while of course bringing new members to their rosters. Traders want to keep high end lines dynamic.
In their attempt to attract younger customers, these companies must create digital experiences that reflect the fact that younger, affluent, urban consumers are flocking to mobile channels in banking and commerce. The Generation Superconnected: The Coming User Authentication Shift Report, details changes in attitudes and expectations – and bank practices – when it comes to protecting data and building trust. The joint efforts of PYMNTS and Nok Nok studied the landscape of more than 2,100 individuals.
More and more, our economy is connected and online. The report found that 60% of millennials have increased their use of digital banking and mobile channels, and more than half of top earners, defined as those with incomes over $ 100,000 per year, have done so. .
And it’s not just the younger generations who have come online. A majority of Gen Z respondents also said they have increased their use of online mobile banking options, to over 53%.
But in a landscape where we have more devices on hand than ever before and where fraud cost consumers more than $ 43 billion last year alone, it has become imperative that consumers feel more secure when they use it. share their data, and that FIs strive to give their clients the tools to feel more secure.
Analyzing consumer interest in the security protocols themselves, 24% of all respondents said they would be interested in using 2FA and 3FA – and millennials and high earners were among the most interested. of these segments.