Security For Online Banking That Users Want and Will Pay For

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Executive Summary

A recent Harris Interactive study of online banking customers reveals important information about how customers perceive the current level of security provided by their financial institutions and their willingness to adopt additional security measures. Key findings include:

  • Consumers perceive significant weakness in online banking safety. 64% of those surveyed felt it was only "somewhat difficult" or "not at all difficult" for a hacker or thief to get access to an online banking account.
  • 93% indicated some level of interest in PhoneFactor with 48% indicating they would be "extremely" or "very" interested, with as many as 3 in 5 indicating a willingness to pay a monthly fee for the service.
  • Results indicate that PhoneFactor would be a driver to switch banks for up to 34% of respondents.
The findings point to an opportunity for financial institutions to leverage PhoneFactor, a unique phone-based authentication solution, to increase customer loyalty and win new business.

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