Mobile Identity – The Fusion of Financial Services, Mobile and Identity

  • White Papers
  • 14.06.2015 08:00 pm

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. According to Telstra’s “Mobile Identity – The Fusion of Financial Services, Mobile and Identity” 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.  

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’ reputation for security. Despite this, the report found that only a third of UK consumers were ‘very satisfied’ with their institutions’ authentication methods, with one third willing to pay an extra £11 GBP per annum for more sophisticated mobile security measures.  
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. 

 

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