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Consumer Security Preferences: Increase Online Adoption by Meeting Targeted Needs

Product Type: Market Research Report
Published by: Javelin Strategy & Research
Published: July 2006
Product Code: R3424-3
Description
Overview

Financial institutions can increase adoption of online banking services by using segmented consumer security preferences to cater to certain subsections of their account holder base.

Primary Questions
  • Which authentication solutions resonate with non-online banking consumers?
  • What are the primary differences in security preferences among specific financial institution
    • account holder segments?
  • Which security solutions do consumers seek most prominently from financial institutions?
  • How can financial institutions capitalize on these differences and strategically offer flexible
    • authentication solutions?
Findings and Analysis

By offering flexible authentication solutions that allow for consumer choice, financial institutions can entice non-online banking customers to adopt and utilize the online channel. Consumers seek a combination of more proactive means—both detection and prevention—and resolution capabilities from their financial institutions. Solution flexibility is becoming more readily available to institutions through single vendor relationships.

Audience: Financial institutions’ marketing, online banking and risk/fraud divisions
Table of Contents

Overview




Findings and Analysis




Offer flexible solutions, matching the preferences of different consumers




Consumers seek a mix of Prevention, Detection, and Resolution capabilities




Further opportunity: Consumer preferences differ by financial institution




Table of Figures

Figure 1: Authentication Preferences: Online Banking vs Non-Online Banking

Figure 2: Consumer Security Preferences
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