Let's face it, most people don't spend too much time thinking about passwords. Until of course they can't log-in to their bank account or catch up on the latest episode of Game of Thrones.
Here at iovation we spend an inordinate amount of time thinking about passwords -- and their eventual demise. We believe that in the not so distant future, the idea of using passwords to access your accounts will seem as antiquated as well, waiting in line at the bank to withdraw cash from a teller.
Speaking of banks and financial institutions, perhaps no other industry has more at stake than they do in terms of modernizing their authentication systems. It's no secret that passwords represent the weakest link between their customers and their customer's sensitive account data. When compromised, it's not just the bank left holding the bag, they also risk damaging their brand. Which is why so many banks are looking to ditch passwords altogether and modernize their authentication systems -- not just to more fully secure their customer accounts but also as a way to competitively differentiate their offerings.
But before replacing the password as the primary authentication method, they must also consider their customer's user experience: should they require more robust authentication methods for different activities (i.e., viewing account balance versus transferring money between accounts)? How should they balance security with increasing concerns around data privacy? Likewise, how do different generations of consumers feel about more modern methods of authentication such as biometrics or fully transparent factors like Device ID?
With these questions in mind, iovation partnered with Aite Group to better understand how online banking consumers feel about the efficacy of passwords and the wide range of modern authentication methods that are coming to market. This survey not only attempts to gauge consumers perceptions about these issues at a macro level but also looks at them through a demographic lens, with a particular focus on understanding these preferences at a generational level.
A complete copy of the "Moving Beyond the Password: Consumers' Views on Authentication" report is available for download here. To hear more insights about the survey findings, join Michael Thelander, iovation's Director of Product Marketing alongside Julie Conroy, author of the report, when they lead a live Webinar on Tuesday, March 29th (register here). And for those who like to visual their data, here's an infographic that summarizes some of the key findings of the report: