Security News > 2022 > March > Consumers demand a digital banking experience with security at its foundation

Consumers are digitally connected in almost all facets of their lives - and it's evident they expect the same from their banks and payment experiences, with consumers overwhelmingly expressing a preference for digital offerings from their financial institutions.

"This study highlights how more than ever, consumer banking is about digital interactions first, and that they must create that digital experience with security at its foundation," said Jenn Markey, VP of product marketing at Entrust.

"Our study found both an overwhelming preference for online banking and a significant concern about fraud - in fact, more than two-thirds of consumers in our survey changed their bank or credit union after receiving a fraud or privacy alert. It's clear that financial institutions must meld rich digital experiences with proven security measures such as biometric security solutions to increase consumer trust and loyalty."

88% of respondents said they prefer to do their banking online in some form - clear evidence that digital banking is the new norm.

90% of respondents said they were concerned about the potential of banking or credit fraud as banking and credit become more digital.

There is widespread interest in the digital banking atmosphere, with 86% of respondents from the U.S. saying they would consider using a branchless online banking service for their banking.

News URL

https://www.helpnetsecurity.com/2022/03/11/digital-banking-experience/