Younger consumers seek more digital security measures from banks

A recent survey found consumers are happy with the banks’ digital security measures, although younger respondents believe financial institutions should do more. The poll by industry news site PYMNTS and security software developer Entersekt found that 83% of respondents were confident in their banks’ security measures, although majorities of Gen X (52%), Gen Z (57%), bridge millennial [ages 30 to 40](64%), and millennial (63%) consumers want their banks to implement additional security measures.  For baby boomers and seniors, the share was significantly lower, at 33%.

The survey also found smartphones were the top choice for online financial transactions, with 71% of respondents saying they had used their phone more frequently than any other device when they digitally sent or received money from family and friends over the past month. Sixty-one percent of respondents used their smartphones to access their bank accounts and 52% used them to make the bill, rent or loan payments.

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About Author

Walt Williams is Associate Editor of ABA Banking Journal.