Consumers want advanced identity verification

As digital contact methods grow in popularity, the phone remains a staple of contacting customer service, according to the “Consumer Authentication Experiences” report, a collaboration between PYMNTS and Pindrop based on a survey of 3,797 consumers in United States.

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70% of consumers access customer service with the traditional phone, while 76% use digital channels. However, contacting customer service is not one way or the other, as 55% of consumers use both online channels and the phone to conduct business.

More consumers are more satisfied with the identification process required to access accounts when using online or digital means than when using the phone, as 52% of consumers who access accounts digitally say they are satisfied, while only 43% contact customer service by phone. share this feeling.

This data highlights the significant opportunity to improve customer satisfaction.

The most cited negative aspect of logging into online accounts when interacting with customer service is tracking different login credentials. Thirty-one percent of consumers cite this as a difficulty.

Twenty-five percent of consumers say that remembering a combination of username and password is a negative aspect of logging into accounts. Three other difficulties are each cited by approximately 21% of consumers: the security of identifiers stored in the browser; security of money/payment method stored in the browser; and remember passwords when using different devices.

Several potential solutions to problems caused by legacy username and password-based processes fall under the umbrella term “advanced identity verification.” These solutions include technologies that use voice recognition, keylogging, liveness detection with selfies, and fingerprint scans.

Consumers want to use advanced identity verification. Twenty-nine percent of consumers are “very” or “extremely” interested in using such tools. In addition, 57% of consumers who have already used these technologies want to use them again.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

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.

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