Millennials want to do much more with their mobile phones than they are currently doing. Only 4 percent of Millennials currently use selfies to authorize purchases, yet 46 percent of them report wanting to do so in the future. Similarly, only six percent reported using selfies to verify their identity, but 39 percent said they would like to do so. Finally, only 5 percent of Millennials use selfies to enroll in new accounts or services, but 31 percent said they would like to.
Entering passwords on mobile are problematic for Millennials. Fifty-seven percent of Millennials reported incorrectly entering their passwords into a mobile device. Fifty-four percent reported having forgotten their password. Approximately 40 percent said they have been locked out of their account for not entering their password correctly. A little over half (51 percent) of respondents said they have had to answer personal questions to confirm their identity as a result of password complications.
Speed and convenience trump brand loyalty. Overall, most Millennials (72 percent) find that signing up for financial accounts on a mobile phone is relatively easy. However, of those that do not find the process to be simple and straightforward, a little over a third (34 percent) will look for a different provider that has a better mobile experience.
Concerns about security are a barrier for mobile experience. There are various barriers that prevent Millennials from adopting mobile for purchases, transactions, and other commercial activities. These include: concerns about the security of their data, concerns about identity fraud, a poor mobile experience, and the requirement to download several apps for one transaction. Overall, Millennials felt that security was more important than convenience when using their mobile phones for commercial purposes.