The majority of people who use mobile banking want their mobile devices to instantly recognize them through biometric technology rather than ID authentication such as passwords and usernames.
The report was carried out by Telstra, an Australian telecommunications company, and it surveyed over 4000 generation X and Y consumers of financial services in seven countries including the US, Australia and the UK.
The report found that smartphone is the most frequently used method of banking amongst Gen X and Gen Y people.
The findings reveal that most people demand instant verification such as facial or fingerprint recognition that requires little interaction on their part. Two-thirds of people surveyed believe that voice, fingerprint and facial recognition are more secure and help reduce fraud.
A quarter of people said they would be happy to share their DNA with their bank if it meant it would the authentication process easier.
However, at the same time, less than half of the people are satisfied with their bank’s security and one out of three has actually been a victim of identity theft.
On the financial institutions’ side 62% of financial executives have said that they do not think they are investing enough in security solutions. However, nearly 90% are planning to change that.
“For ‘no-finapp-phobic’ Gen X and Gen Y consumers it’s time to create mobile identity solutions that instantly recognize them for who they are,” said Rocky Scopelliti, Global Industry executive for Banking, Finance & Insurance, Telstra.