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March 27 2017

Equifax Finds 56% of Brits Prefer Biometric Banking

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Research from Equifax, the consumer and business insights expert, shows that 56% of people online would prefer to use a biometric security method over traditional options like passwords to log into their financial accounts online.

The online survey, conducted by YouGov, found that a third (33%) of people would prefer to use fingerprint recognition as a security method to access their accounts. A further 13% would like to use iris scanners, 7% facial recognition, and 3% voice recognition.

Only 19% of people cited passwords as their favoured security method and just 13% selected memorable questions, indicating that consumers are suffering from password fatigue and want the convenience that biometrics can offer.

The research also shows that the technology available to consumers doesn’t reflect their preferences. Nearly two thirds of respondents with a bank account (64%) are currently unable to use fingerprint recognition to manage their finances, and 68% are unable to use voice recognition.

John Marsden, Head of ID and Fraud at Equifax, said: “With major data breaches and hacking scandals regularly making the headlines, people are losing trust in the protection passwords can offer. Consumers are embracing new technologies, and want to use these advances to provide them with extra security and easy access to their financial accounts.

“Mobile banking is the first choice for many consumers, and as mobile technology continues to evolve, banks and other financial providers must address the disparity between consumer demand for biometric security and its availability. Biometrics offer consumers the combined advantage of security and convenience and are a great solution to password fatigue and PIN overload, but they are not a panacea. Even biometrics can be compromised and once that happens, it’s difficult to rectify. We believe multi-layered defences incorporating biometrics and device recognition are the best way forward for both security and a positive customer experience.”

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