Millennials Open to Alternative Authentication at Banks

Consumer perception of various forms of authentication is the subject of a new report from Aite Group, “Moving Beyond the Password.” The report is based on a January 2017 survey of more than 1,000 U.S. consumers who use online and/or mobile banking.

While passwords are a well-understood mechanism among consumers and businesses, movement to another identification method to access accounts is being considered by many banks and financial institutions.

Among Millennial survey respondents, 95 percent are very willing (48 percent) or somewhat willing (47 percent) to switch to non-password identification methods, according to the Aite Group report. By contrast, 82 percent of Generation X are very willing (40 percent) or somewhat willing (42 percent) to make the transition; 82 percent of Baby Boomers are very willing (29 percent) or somewhat willing (53 percent); and 64 percent of seniors are very willing (16 percent) or somewhat willing (48 percent).