Entersekt survey: Nine in 10 consumers value additional security measures to verify mobile-based transactions
Entersekt today released further results from its recent survey conducted online by The Harris Poll. The mobile-first fintech provider commissioned the independent market research firm to better understand US consumer attitudes towards mobile app-based banking and payments, polling over 2 000 US adults, among whom 1 900 own mobile devices.
With mobile transacting like peer-to-peer payments, m-commerce purchases, and bill pay on the rise, Entersekt was interested in uncovering where security and authentication fall on the spectrum of concern for today's mobile-driven consumers.
The survey findings show a strong majority of US adults value additional security measures for mobile transactions, with nine in 10 (90%) reporting they would want the ability to approve some or all mobile device transactions before the transaction is completed, and nearly three quarters (71%) interested in approving all such transactions. One in five (19%) would prefer only to approve some transactions, such as those totalling $100 or more.
"Entersekt has a decade's experience in parts of the world where multi-factor authentication is much more widely used than here in the United States, and it has shown us that consumers value the sense of control they gain from being involved in their own security," said Dewald Nolte, chief commercial officer of Entersekt. "The key is to provide authentication that is quick and easy to execute and does not detract from the overall mobile experience."
Asking US consumers about their authentication preferences is a tricky proposition, since few are familiar with the concept and fewer still have experience of the different forms it takes. Entersekt nevertheless wanted mobile device owners' opinions on authentication, struck as it was by the lack of consumer data on the topic.
Nearly two in five Americans (39%) chose entering a personal password or PIN as their preferred form of authentication if approving a mobile-initiated transaction. Other methods with some support were:
* Fingerprint ID (22%);
* Clicking an "approve" button (21%);
* A one-time password sent via text message or e-mail (8%); and
* Facial ID (7%).
Digital security is clearly top of mind for many Americans, but the survey highlighted other areas where banks could afford their customers a higher sense of control through customer-centric design. Four out of five regular users (once a month or more often) of banking apps (80%) would like to be notified at the point of sale, before a transaction goes through, if the purchase they are about to make would negatively impact their credit score.
"Today's consumers expect their banking and payments apps to provide ever greater convenience," said Gerhard Oosthuizen, chief technology officer at Entersekt. "Improved app security and authentication enables businesses not only to boost user confidence and adoption, but to introduce services previously considered too risky for the channel. The result is better engaged, more satisfied customers."
Entersekt will provide another look at US consumers' views on the mobile channel early next month, when the focus will be on innovation.
This survey was conducted online by The Harris Poll on behalf of Entersekt, 22-24 January 2019, among 2 076 US adults ages 18+, among whom 1 928 are mobile device owners, including 1 362 who use banking apps at least once a month. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For more information on the survey methodology, including weighting variables and subgroup sample sizes, please contact Haleigh Tomasek at firstname.lastname@example.org.