New data: Consumers demanding better transaction controls in digital banking apps

Trust. Control. Identity. Managing for these quintessentially human attributes in the digital domain is a moving target, and it’s what today’s consumers expect from the relevant players.

The May 2021 Mobile Banking App Playbook: Customization as a Key to Meeting Banking Customers’ Expectations, an Entersekt collaboration, third in this ongoing study series, gets right to the point, stating that “control over how transactions are authenticated is one of the most important things consumers seek from their mobile banking app experiences.”

Researchers found that 64 percent of consumers consider the ability to authenticate specific transactions “very” or “extremely” important, while another 24 percent think it is “somewhat” important. Per the Playbook, “This means that 88 percent of consumers believe it is important to be able to authenticate specific transactions.” That rises to 66 percent of bridge millennials.

Security controls that reinforce trust are increasingly what consumers are demanding, clearly, and woe betide financial institutions (FIs) and other stakeholders who downplay it in 2021.

 

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