Some insights can be gleaned from Entrust’s report on the ‘Future of Identity’ which reveals that customers are the native decision makers reshaping digital identity trends of the future, corroborating Finextra’s findings into customers spearheading innovation in digital banking.
Consumers of digitalisation and active customers, they drive the demand and upscaling challenge placed on technology providers, banks, government and other private entities to meet convenience, user experience and security standards that earn their trust.
The report comments on the acceleration of digital identities at a much faster pace than awareness in the market of privacy considerations and general lack of knowledge around eIDs.
Is it time to move beyond password authentication? Even multiple-factor passwords improving on a standard method of verification has been criticised as being outdated compared to newer digital identity method and biometrics, promoting a strategy change by social media platforms such as Twitter to implement a pay barrier to bots.
While password authentication is often popular and familiar with users in practice for authenticating, the report suggests passwords have largely fallen out of favour with the population as other methods have overtaken the poll ratings.
Biometrics threaten to dethrone a growing inventory of passwords credentials.
Jenn Markey, Vice President of Payments & Identity at Entrust said: “The pace of commerce and business is moving faster than ever before, and as a result our lives are becoming more digital.
“As organisations and governments bring more digital services online, it’s becoming clear that the road to digital transformation has been bumpy, at times leaving users behind. With this survey, we set out to help leaders understand how users feel about the journey thus far, and how organizations can navigate the future of identity.”
Only 6% of consumers said passwords are the most secure method.
When given the option between biometrics or a password, 58% of respondents choose to use biometrics over half the time.