A new report from Telstra reveals the majority of United Kingdom (UK) consumers using mobile banking applications want their mobile devices to instantly recognise them via biometrics, such as fingerprint and voiceprint, instead of having to prove who they are with passwords and usernames. <\/p>\n
According to Telstra\u2019s \u201cMobile Identity \u2013 The Fusion of Financial Services, Mobile and Identity\u201d report, with smartphones now the primary channel used by Gen X and Gen Y to access and manage their finances, expectations around how financial institutions manage mobile identity are being transformed. <\/p>\n
\u201cFor the last six months, we\u2019ve spoken to consumers and banks all over the world, in an effort to understand how our relationship with our smartphone is affecting our relationship with our financial institutions,\u201d said Rocky Scopelliti, Global Industry Executive for Banking, Finance & Insurance, Telstra. <\/p>\n
\u201cWhat we uncovered is that when it comes to mobile banking applications, consumers no longer believe in just the safety of passwords and usernames. <\/p>\n
\u201cInstead, two-thirds of UK consumers think that using biometrics \u2013 such as voice, fingerprint, iris and facial recognition \u2013 would be more secure and help reduce the risks of fraud. <\/p>\n
\u201cIn fact, one in four UK consumers would even consider sharing their DNA with their financial institution, if it meant it would make authentication easier and their financial and personal information more secure,\u201d he said. <\/p>\n
According to the research, while factors such as interest rates and ease of accessing funds used to be the most important considerations when selecting a financial institution, today, more than half of UK consumers cite the security of their finances and personal information their top priority, together with their institutions\u2019 reputation for security. <\/p>\n
Despite this, the report found that only a third of UK consumers were \u2018very satisfied\u2019 with their institutions\u2019 authentication methods, with one third willing to pay an extra \u00a311 GBP per annum for more sophisticated mobile security measures. <\/p>\n
\u201cOur research shows consumers are using their mobile banking applications in some really cutting edge ways, so they\u2019re expecting much more than ever before from their financial services providers in terms of security, innovation and functionality. <\/p>\n
\u201cIn fact, Gen X and Gen Y has become so dependent on their smartphones to access their financial services, that it\u2019s led to a behavioral state we are calling \u2018no-finapp-phobia\u2019 \u2013 the fear of being without financial applications,\u201d he said. <\/p>\n
In the UK, Nationwide and NatWest customers are the most satisfied with the identity and authentication methods offered and are accordingly, the most likely to recommend them. <\/p>\n
\u201cWith our consumption of financial services intrinsically linked with the mobile device, our mobile identity is the key to unlock trust with our service provider. <\/p>\n
\u201cFor \u2018no-finapp-phobic\u2019 Gen X and Gen Y consumers it\u2019s time to create mobile identity solutions that instantly recognise them for who they are,\u201d Mr Scopelliti concluded.<\/p>\n
For more information on Telstra\u2019s Mobile Identity \u2013 The Fusion of Financial Services, Mobile and Identity whitepaper click here: http:\/\/www.telstraglobal.com\/mobile-identity.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A new report from Telstra reveals the majority of United Kingdom (UK) consumers using mobile banking applications want their mobile devices to instantly recognise them via biometrics, such as fingerprint and voiceprint, instead of having to prove who they are … Read More<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[1135,131,1136],"class_list":["post-4620","post","type-post","status-publish","format-standard","hentry","tag-rocky-scopelliti","tag-telstra","tag-telstras-mobile-identity"],"_links":{"self":[{"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts\/4620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4620"}],"version-history":[{"count":1,"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts\/4620\/revisions"}],"predecessor-version":[{"id":4621,"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts\/4620\/revisions\/4621"}],"wp:attachment":[{"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}