45% of Financial Services Customers Say They Feel Safe Without Passwords

Consumers are open to the idea of letting go of passwords and using alternative authentication methods to log in to their financial services accounts.

In fact, 45% of consumers are very comfortable logging in to their accounts without passwords, according to “The Future of Authentication in Financial Services,” a PYMNTS and Entersekt collaboration based on a survey of 2,719 consumers.

Get the report: The Future of Authentication in Financial Services

The survey found that in addition to the 45% of consumers who are very comfortable with security using non-password login methods, 61% of consumers are willing to use non-password login methods and 47% believe passwords will eventually no longer be used.

Consumers’ willingness to log in without passwords varies depending on the type of devices they use to access their account information.

Those who use multiple options to access digital accounts — including mobile apps and mobile- and desktop-based browsers — are the most willing to do so, with 73% saying they are willing to use non-password login methods and 60% saying they are very comfortable with security using non-password login methods.

Consumers who use mobile device applications are the next most comfortable with non-password login methods, with 68% being willing to use them and 50% being very comfortable with them.

Among the consumers who use mobile device browsers, 54% are willing to use non-password login methods and 41% are very comfortable doing so, while among those who use computer browsers, 49% are willing and 31% are very comfortable.

Consumers’ growing confidence in the use of alternative authentication methods is evident. By and large, consumers are beginning to let go of passwords.

For financial services providers, moving away from passwords to stronger biometric authentication measures is one way to support secure logins and transactions while simplifying the consumer experience.