Consumer preference favors data security

Consumer preference favors data security

According to The Passwordless Future, a PYMNTS and Entersekt collaboration that examined responses from more than 2,500 U.S. consumers, consumers’ perception of security measures enhances their trust in their financial institutions (FIs). Those same findings suggest consumers are ready to embrace some other form of authentication other than the use of a password. Seems we’re not the only ones that are tired of having to remember all those different passwords…

Sixty-five percent of consumers said an emphasis on data security had an “extremely or very big impact” on their trust in an institution.

Sixty percent said the same about information on how transactions are secured, and 56% said it about having a detailed data protection and privacy statement.

PYMNTS found that consumers rated consistent experiences across all platforms to be nearly as important as a sense of data security when influencing their trust in their FIs.

Even though it’s still the most common authentication method, 45% of consumers would be comfortable with login methods that didn’t require a password. In addition, 47% agreed that a password will no longer be used, and 61% would be comfortable with login methods other than a password.

Source: Login Methods Other Than a Password |

About the Author

Chris Versace, Chief Investment Officer
I'm the Chief Investment Officer of Tematica Research and editor of Tematica Investing newsletter. All of that capitalizes on my near 20 years in the investment industry, nearly all of it breaking down industries and recommending stocks. In that time, I've been ranked an All Star Analyst by Zacks Investment Research and my efforts in analyzing industries, companies and equities have been recognized by both Institutional Investor and Thomson Reuters’ StarMine Monitor. In my travels, I've covered cyclicals, tech and more, which gives me a different vantage point, one that uses not only an ecosystem or food chain perspective, but one that also examines demographics, economics, psychographics and more when formulating my investment views. The question I most often get is "Are you related to…."

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