While a customer's first login from a new device — the moment when they connect the device to their account and confirm they really are who they say they are — sets the tone for how banks approach security, in-app authentication is equally make or break.
When in-app authentication is done in a way that feels secure but doesn't add so much friction it frustrates customers, it enhances the user experience and builds trust. But if there are security loopholes or, at the other end of the spectrum, too much friction, the in-app authentication process puts customers at risk and makes it harder for them to do what they've logged on to do.
Both of the latter are bad news. Research by 10X Banking found that 20% of customers switch banks due to poor customer experiences, while, FICO's 2023 Scams Impact Survey found consumers are, unsurprisingly, more likely to switch banks if they're scammed.
So, are US banks and challengers living up to expectations?
Read the full article and the findings of the research on the Financial Brand.
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