FICO Survey Finds In-Person Banking Fading as Almost Half of North Americans Prefer Opening Bank Accounts Digitally
- FICO today released its Consumer Digital Banking study that found consumers across the
U.S.and Canadahave embraced digital account opening and biometric security in the wake of the COVID-19 pandemic.
- Almost half (41 percent) of consumers are more likely to use digital channels to open a financial account than a year ago.
- Interestingly, 23 million Americans (11 precent) believe their identity has been used by a fraudster to open an account.
- As a result, three-quarters of consumers will provide their banks with their biometrics to secure their accounts including facial scan, fingerprint and/or voiceprint.
- On average, 25 percent of Americans will go to a competitor or abandon the application completely if asked to go outside of channel to complete an application.
FICO, a global analytics leader, today released its 2nd annual Consumer Digital Banking study that found consumers across the
"In an effort to help stop the spread of the virus, consumers across
Higher Digital Banking Consumer Expectations
With this shift towards to digital-first banking, identity proofing and biometrics have become increasingly top of mind for consumers as identity theft is a real threat for people across
Once accounts are open, the vast majority of consumers across
People Need to Develop a Skillset to Use Apps to Open Financial Accounts
The survey also found that when consumers are asked to move out of channel to prove their identities, for example by mailing documents, visiting branches or even sending scanned documents by email many of them will abandon the application. On average, 25 percent of Americans will go to a competitor or abandon the application completely, which dips slightly for Canadians at 21 percent.
While a significant portion of consumers can carry out the tasks needed to open a bank account using a mobile app, some will need help; particularly when they need to verify their identity. In general, a slightly higher percentage of Canadians say they can carry out these tasks compared to those in the
- Download the provider's mobile app: 53 percent (
U.S.) vs 57 percent ( Canada)
- Provide a selfie: 37 percent (
U.S.) vs 38 percent ( Canada)
- Scan documents such as a passport or driver's license: 46 percent (
U.S.) vs 47 percent ( Canada)
- Scan a QR Code: 41 percent (
U.S.) vs 42 percent ( Canada)
- Scan your fingerprint: 41 percent (
"Consumers embraced the digital first economy during the past 12 months, but how, when and what digital channels they prefer still varies greatly across demographics," added Lasher. "For banks, it's critical they understand their customers and deploy solutions and policies that can operate across channels and adapt to their customers evolving preferences."
For more details and insights regarding the survey results:
- Join the FICO Virtual Event.
- Download and view the eBook as well as Infographic.
- Listen to the new FICO podcast series.
For more information on FICO fraud solutions, visit www.fico.com/identity.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
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Greg Jawski for FICO, Email: firstname.lastname@example.org, Phone: +1 212-601-8248