The password is dead. This message has come from Google execs, the U.S. government, and myriad fraud and security for most of this decade. Yet passwords are very much still part of the fabric of online banking and commerce, so rumors of their death appear to be premature.
One reason for this is inertia; passwords are a well-understood mechanism among consumers and businesses. Moving to something different is not just a daunting task from an IT perspective; the far greater concern for many financial institutions and retail executives is the potential disruption of the customer experience. To understand how today’s online banking consumer feels about passwords – and what other authentication methods they might prefer if they were available, iovation sponsored Aite Group to survey consumers across generations to better understand their attitudes and perceptions of their password usage and which modern authentication methods they would be most interested to adopt.
Download this report to learn:
- How banking consumers across generations really feel about traditional passwords as an authentication method (and which new methods each generation favors most)
- What the priorities of today's online banking consumer according to each generation of user
- The willingness of each generation of user to switch to an alternative authentication method and what types of incentives might be employed to convince them