September 8th, 2023, Kineree Shah
A new YouGov survey sheds light on the unlocking preferences of consumers for banking apps in six key markets: Great Britain, the US, the UAE, Denmark, India, and Sweden.
In Great Britain, nearly four in ten consumers exhibit a preference for biometric security as a means to access their banking apps (38%). This is followed by nearly a quarter who prefer manually entering passwords (24%). Around one in eight Britons prefer unlocking it by entering OTPs (12%). Interestingly, a minor segment, representing around one in 20 consumers, favor the 'remember password' feature, which suggests a niche market that values convenience (5%).
In the US, three in ten consumers prefer to manually enter passwords (30%), surpassing almost a quarter who favor biometric security (23%). More than one in ten appreciate the 'remember password' feature, showcasing a market segment that seeks convenience in authentication methods (12%).
Data from UAE paints a picture of a market leaning more towards modern authentication methods like biometric security (36%). On the other hand, about one in five prefer to enter passwords manually (20%) and a nearly equal proportion of the population relies on OTPs or codes received via messaging or email (21%).
In Denmark approximately one-third prefer biometric security (34%) and nearly three in ten opt for manual password entry (29%). A smaller fraction, representing roughly one in fifteen, are inclined to use the remember password feature (6%) or prefer to use authentication apps (7%).
As for India, about one-third of consumers favor biometric security (34%), while nearly a quarter lean towards manually entering passwords (24%). Another quarter of the population favor receiving OTPs or codes through messaging or email (24%).
The Swedish market presents a unique scenario where a larger fraction, one-third of consumers, favor manually entering passwords (33%), followed by a quarter who prefer biometric security (25%). Notably, one in ten consumers are inclined towards using authentication apps or OTPs (10% and 9% respectively).
Our YouGov survey delineates a distinct consumer preference towards biometric security across the key markets studied, marking a clear inclination towards technology-integrated safety measures. However, the presence of a substantial population preferring traditional manual password entry and OTPs cannot be undermined. For brands, banks, and marketers, this data serves as a crucial blueprint to develop user-centric authentication methods that amalgamate both innovation and tradition.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 511 and 1,999 for each market. All surveys were conducted online in May 2023. Data from each market uses a nationally representative sample apart from India, which use urban representative samples. Learn more about YouGov Surveys: Serviced.