Nearly half of US millennials (48%) are willing to switch from passwords to another identification method to access their bank accounts, research released by Aite Group shows. This compares to 40% of Generation X, 29% of baby boomers and 16% of seniors.
47% of millennials (aged 16-35) are “somewhat willing” to replace passwords, compared to 42% of Generation X (aged 36-51), 53% of baby boomers (aged 52-70) and 48% of seniors (aged 70+). Seniors have the higher share of those “not at all willing” to move from passwords with 11%, followed by 9% of both baby boomers and Generation X, and 4% of millennials.
“As financial institutions evolve their authentication strategies, this research demonstrates that a one-size fits all approach simply doesn’t work,” says Aite Group research director Julie Conroy. “Financial institutions must take into account the stark differences in preferences and understanding among the age groups when plotting their authentication strategy and education program.”
The findings are based on a survey conducted by Aite Group and sponsored by Iovation among 1,095 US consumers who use online and/or mobile banking.