Boston, March 21, 2017 – Myriad fraud and security experts (including those at Aite Group) have told us that passwords are dead. Yet passwords, a well-understood mechanism among consumers and businesses, are very much a part of the fabric of online banking and commerce. Moving to something different is not just a daunting task from an IT perspective; the far greater concern for many financial institution and merchant executives is the potential disruption of the customer experience.
This report analyzes consumers’ perceptions of various forms of authentication. It is based on a January 2017 survey conducted by Aite Group and sponsored by iovation of 1,095 U.S. consumers who use online and/or mobile banking. It offers recommendations designed to help improve both security and the customer experience as well as speed the process of declaring the password truly and finally dead.
This 20-page Impact Report contains 12 figures and three tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.