More than half of consumers (57%) would be happy to ditch all of their passwords and pins and replace them with biometric verification, according to new research from Equifax.
The research also showed there is still widespread criticism towards current verification practices, with half of responders (50%) having given up on an online registration process for a financial product through a range of frustrations. Of those, 52% abandoned a registration attempt because they felt the process was too long, while 46% said it was too complicated. Nearly four in ten (38%) said they gave up because they didn’t have all of the required documents and information to hand, with 21% saying they didn’t trust that the process was secure.
The survey, conducted online with OnePoll, revealed that people felt positively about the idea of biometrics, with speed (40%), security (27%) and confidence (21%) being top of feedback on its use. Negative feedback was generally much lower, such as the fear of using biometrics (13%) or that people feel self-conscious using it (13%).
|Views on biometric verification||% of respondents|
|It is quicker than traditional forms of verification||40%|
|It makes me feel safer or more secure||27%|
|It makes me feel more confident in my bank or financial institution||21%|
|It feels like an invasion of privacy||19%|
|It is a novelty||15%|
|It scares me||13%|
|It makes me feel self-conscious||13%|
|It is fun||11%|
|It is annoying||11%|
Keith McGill, Head of ID & Fraud at Equifax, said: “Biometric technology continues to progress and be considered a more mainstream form of verification. It provides a more secure identification model for both companies and end users and can help financial institutions grow trust and confidence with their customers so it is very positive to see this recognised.”
“It’s no surprise to see such frustrations towards the myriad of passwords, pin codes and security phrases. People are encouraged to always have unique information for each website or account they hold, meaning a list of codes and phrases that is unrealistic for many to remember given the volume of registration processes they are asked to undertake in modern society. Lengthy, complicated and onerous registrations will soon be a thing of the past, with biometrics leading the way in the future of identity verification and modern financial relationships.”