Survey of Fintech and Banking Executives Reveals Identity Authentication Risk and Customer Dissatisfaction Top List of Concerns
While one-third of respondents are “highly concerned” about potential customer dissatisfaction with OTP and KBA questions, this figure increases to three quarters (75%) when including those “moderately concerned.” Furthermore, during the next 12 months, 84% of respondents expect that their enterprise will increase their level of investment in IT security, including identity authentication.
“Fintechs, banks, and credit unions are deeply concerned around not only the risks associated with one- time passwords and knowledge-based authentication, but also about customer abandonment due to the friction associated with these legacy authentication solutions,” said
Other key findings of the survey include:
- Identity authentication is most often conducted with one-time passwords (36%) or a combination of OTP and KBA questions (29%).
- While respondents’ familiarity with facial biometric identity authentication is high (88%), less than one-quarter (22%) currently use this technology.
- More than two-thirds (70%) of respondents are either “highly likely” or “somewhat likely” to consider facial biometric identity authentication as an alternative to OTP/KBA questions during the next year.
The survey was conducted to assess prevailing attitudes and perceptions regarding existing identity authentication solutions and uncover data-driven insights about current and emerging trends in enterprise security. Job titles among the study participants reflect an emphasis upon sales and marketing, C-suite and senior management, and information technology.
authID.ai. developed this digital survey in partnership with Market Measurement, a custom market research consulting company. The online survey was conducted
authID.ai (Nasdaq: AUID), formerly
Erin Harrison The