The pandemic encouraged more people to consider opening a bank account online, according to a new FICO survey released today. The survey found that 41% of consumers in the U.S. and Canada were more likely to use digital means to open a financial account than a year ago, and 32% responded they are less likely to visit a bank branch to open an account.
As account opening shifts increasingly to online channels, however, consumers raised concerns about identity fraud, with 22% of U.S. consumers saying they either know for certain or believe that their identity has been stolen and used by a fraudster to open an account. Seventy-two percent of Americans acknowledged that banks’ identity proofing is vital to protecting them from fraud.
The majority of U.S. consumers, 76%, said they are happy for their bank to use biometrics—including facial scans, fingerprints and voiceprints—to protect them from fraud. Forty-two percent said they expect biometric account logins to be set as part of the account opening process and 35% said their bank already holds their biometric information.