61% of consumers are willing to use logins without a password

Username and password combinations remain the most common authentication method used by consumers to access digital financial services accounts.

In fact, 64% of consumers still use username and password combinations to access their digital financial services accounts at least once a month, according to “The Future Of Authentication In Financial Services,” a collaboration between PYMNTS and Entersekt which analyzes the responses of 2,719 consumers.

Get the report: The Future of Authentication in Financial Services: Using Authentication to Build Trust

Consumers also use several other authentication methods. Just over a third of consumers use a PIN or email address to access digital financial services accounts at least once a month, around a quarter use a phone number or fingerprint scan and about a fifth use personal questions.

Username and password is the most commonly used method of authentication across all devices and channels. It is used by 77% of consumers who most frequently use a desktop browser, 61% of those who use multiple platforms, 58% of those who use a mobile device app, and 54% of consumers who use a browser for mobile device.

Users of mobile device browsers and mobile device applications are more likely than computer browser users to use biometric data such as fingerprint scans, facial scans, and voice verification. Mobile app users in particular are more likely to use fingerprint scans and facial scans. It’s no surprise, as many mobile apps are designed with easy-to-use interfaces that take advantage of the video and touch sensors that come standard with most smartphones.

Despite the widespread use of passwords, most consumers are comfortable giving them up. Data from PYMNTS indicates that 61% of consumers are willing to use passwordless login methods and 45% are very comfortable with security using passwordless login methods. Additionally, 47% believe passwords will eventually not be used.



On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.