Most people who use mobile banking apps want to tap biometrics, rather than passwords, to access their accounts, according to research from Oz telco Telstra which also shows that a quarter of respondents would even share their DNA with their banks if it boosted security and ease of access.
Telstra, which commissioned a survey of over 4000 Generation X and Y consumers from Australia, Singapore, Malaysia, Indonesia, Hong Kong, the US and the UK, says that expectations around how financial institutions manage mobile identity are undergoing a transformation.
Around two thirds of those quizzed say that biometrics - such as voice, fingerprint, iris and facial recognition - would be more secure than passwords and usernames and help reduce the risks of fraud.
"In fact, one in four consumers would even consider sharing their DNA with their financial institution, if it meant it would make authentication easier and their financial and personal information more secure," says Rocky Scopelliti, global industry executive for banking, finance and insurance, Telstra.
The security of their money and personal information is now the single most important consideration when choosing a financial institution for more than half of respondents. However, the survey shows that banks could do better, with only a third of people "very satisfied" with their institutions’ authentication methods. A third even say that they are willing to pay an extra £11 per annum for more sophisticated mobile security measures.
In the UK, Nationwide and NatWest customers are the most satisfied with the identity and authentication methods offered and are accordingly, the most likely to recommend them. In the US, USAA customers are the most satisfied.
"Our research shows consumers are using their mobile banking applications in some really cutting edge ways, so they’re expecting much more than ever before from their financial services providers in terms of security, innovation and functionality," says Scopelliti.