FIs Now Judged by Ease of Digital, Cross-Device Account Access

Digital financial services accounts have become a crucial part of the day-to-day banking infrastructure. The ability to view accounts anywhere, anytime is more than just nice to have — it is an absolute must for modern consumers. PYMNTS’ research has found that seven out of 10 bank account holders use online accounts, and nearly one-third of surveyed consumers have accounts with online-only banks. Meanwhile, 39% report having an account at a traditional retail or commercial bank with a physical branch.

These are just a few of the key findings we uncovered in The Future Of Authentication In Financial Services: Engaging Consumers Across Channels And Devices, a PYMNTS and Entersekt collaboration. We surveyed 2,719 United States consumers to examine how financial institutions can deepen relationships and build trust with consumers by ensuring cross-channel access across different devices.

Additional key findings from the study include:

• One-quarter of consumers prefer to access their digital financial accounts across several devices. Bridge millennials and millennials are the most likely to do so. The generations possessing the most significant purchasing power seem to most highly value the ability to toggle between environments. Thirty-seven percent of bridge millennials and 36% of millennials toggle between different means of accessing accounts.

• Consumers mainly access financial services accounts on their mobile devices. Mobile apps have become critical tools for finance, with 36% of consumers with digital financial services accounts saying they primarily access these accounts using apps on their mobile devices.

• Data security is a highly influential factor in consumers’ trust in their financial providers, as is a good user experience. A consistent, integrated experience across several platforms is essential for consumers who access accounts primarily through mobile apps and multiple environments. Fifty-three percent of account holders say their financial services providers’ ability to provide integrated, consistent, cross-device experiences boosts their trust.

To learn more about how financial institutions are creating friction-free cross-channel experiences and establishing trust with their clients, download the report.