Consumers Say Security, User Experience Now Equally Important When Accessing Digital Accounts

Trusted user experiences are highly important to consumers accessing digital accounts via desktop browser or mobile device. 

In fact, eight out of 10 consumers say that digital security impacts how much they trust their financial institutions (FIs), according to “The Future Of Authentication In Financial Services,” a PYMNTS and Entersekt collaboration based on responses from 2,719 consumers. 

Get the report: The Future Of Authentication In Financial Services 

Eighty-three percent of consumers say at least one option that concerns security has a “very” or “extremely” big impact on their trust in financial services providers.

There are several specific types of security concerns consumers worry about. 

Sixty-five percent of consumers say that providers that emphasize data security have a “very” or “extremely” big impact on their trust in that provider, while 60% say the same of secure transaction information, 56% say that of being able to approve transactions before processing, 56% say it of website quality and 44% say it of the ability to log in without a password. 

PYMNTS’ data also shows that security is neither more nor less important than user experience when it comes to consumers trusting their financial institutions. In fact, consumers say the two are almost equally important. 

While 83% of consumers say at least one option that concerns security has a “very” or “extremely” big impact on their trust in financial services providers, 80% of consumers say the same of at least one option that concerns user experience. 

Moving away from passwords to stronger, biometric-based authentication enables financial service providers not only to support secure logins and transactions but also to simplify the consumer experience.