At 73 Pct, FIs Top Authentication Satisfaction — Here’s Why

Whether going online to view their bank balance, book a doctor’s appointment or buy a pair of shoes, consumers must first confirm their identities. Online authentication is a built-in component in how consumers interact with products and services in their daily lives.

Like most other online experiences, consumers have a certain set of expectations for how they are able to log in to their online accounts. If an online authentication process is too lax, consumers might worry about their data being vulnerable. However, if the process is too complex and cumbersome, consumers could get frustrated and abandon it.

Certain authentication methods are better at delivering that ease of use, convenience and speed that consumers have come to expect. Passwords, emails and PIN codes are more popular with consumers for these reasons, according to the results of the latest Digital Identity Lifestyle Capsule, a Socure collaboration.

In the latest edition of the Capsule, PYMNTS analyzes over 300 data points to compare how consumers’ satisfaction with authentication experiences differ when they access financial services, healthcare services and eCommerce websites. According to the findings, overall consumer satisfaction with the financial services market topped the other markets at 73.4 percent. That’s considerably higher than the satisfaction rates of eCommerce (69.1 percent) and healthcare (68.4 percent).

The Capsule examines the authentication factors that consumers are asked to provide, why some methods (such as passwords and emails) are more popular than others and why others, including biometrics, have room to grow.

Notable Findings in the Capsule

34 percent: share of financial services consumers who pointed to an inconvenient authentication method as the reason for their dissatisfaction

71.2 percent: share of both financial services and eCommerce customers who expressed satisfaction with being required to provide a password and code for authentication

100 percent: surveyed healthcare consumers who expressed satisfaction with providing identification documents at a physical location

91.1 percent: share of eCommerce consumers who were required to provide an email address when creating a new online account

About The Report

The Digital Identity Lifestyle Capsule series, a PYMNTS and Socure collaboration, provides an overview of — and additional insights into — the consumer trends dominating the digital security market. This edition of the Capsule compares the authentication methods used in three previously surveyed markets (financial services, eCommerce and healthcare), and evaluates consumer satisfaction with authentication options across all three segments.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.