Consumers Want Better Bank App Authentication


We’re learning all about the digital-first consumers of 2021, especially their desire for real-time authentication control in mobile banking apps. The secret’s out — and, as is seen in the third installment of the Mobile Banking App Playbook series, a PYMNTS and Entersekt collaboration, consumers have specific ideas about the experience they want from app features.

Drawing from a census-balanced survey of nearly 2,600 consumers, the Mobile Banking App Playbook finds that 68 percent want to authenticate very specific transactions, while 62 percent feel that this feature makes mobile banking “feel more secure” than without it. “A significant share of consumers also believe that having more control over authentication significantly lowers their chances of experiencing mobile app fraud,” per the Playbook, which adds that 56 percent believe that “fraud risks would be lower if they had greater control.”

According to the Playbook, “Consumers want greater control over authentication when transactions are personal in nature,” with 90 percent seeking additional authentication “when sending money to friends or relatives and 89 percent [want more mobile control] when opening new accounts at banks at which they already have accounts,” among the top reasons cited.

Usage breeds trust, as the latest the Mobile Banking App Playbook notes that “consumers who transact less often express greater interest than those who transact more often” in additional in-app controls, with 79 percent who only transact via mobile banking apps periodically wanting “added authentication requirements for mobile card controls, [including] paying bills, adding and removing people from their accounts, and checking account balances. In contrast, 84 percent of consumers who transact once per day want added authentication requirements.”

Personalized user experience is a big driver, too, as “nearly one-third of consumers would use their mobile banking apps more if their banks covered the liability for potential fraud, and 26 percent would use the apps more if they offered more authentication choices.”

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NEW PYMNTS DATA: AI IN FOCUS: THE BANK TECHNOLOGY ROADMAP

About The Study: The AI In Focus: The Bank Technology Roadmap is a research and interview-based report examining how banks are using artificial intelligence and other advanced computational systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing AI’s potential in finance, healthcare and other sectors.







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