Mitek’s survey has revealed that consumers are more willing to share their digital identity information with banks than with government entities or tech companies.
The reason for this may be at least in part because nearly 65% consumers consider their banking transactional history, such as bank accounts, credit cards, and financial transactions, to be part of their digital identity, according to Biometric Update. 86% of people who can use their digital identity for banking do so, while 16% of those who do not have access to such services say they would do so in the future, as per the ‘Digital identity 2020: The future of banking’.
The report covers how financial institutions can balance KYC and AML regulations, as well as the safety of consumer data with the level of convenience consumers expect. In addition, online shopping – representing 76% – and streaming services – 72% – are the most popular consumer applications using digital identity, beyond financial services.
When using digital identity, 78% of consumers are concerned about theft or loss of money, and 65% trust banks with their data, compared to 19% who distrust them. 48% consumers trust government entities and 18% distrust them. The survey also shows that nearly equal numbers trust and distrust tech companies, and three-quarters say they distrust social media companies. 52% would share personal information with banks or other organisations to receive benefits or rewards, while 60% consider that physical documents are safer than digital IDs for banking.
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