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Users Starting to Feel More Secure with Mobile Banking, Yet Still Forget Their Passwords

Mobile Commerce Insider Featured Article

November 12, 2013

Users Starting to Feel More Secure with Mobile Banking, Yet Still Forget Their Passwords

By Michelle Nicolson
TMCnet Contributing Writer

It’s a familiar feeling for most of us – staring at the login screen and trying to remember the password we used to sign up. Yet our own security transgressions don’t seem to be hampering our acceptance of mobile banking and commerce, according to a recent survey of mobile users.

"With the enormous amount of online and mobile services that require passwords, of course it is highly recommended that users maintain different passwords to defend against hackers and online criminals, especially since 58 percent, well over half of those surveyed, admitting that they forget their passwords and must use the system reset on websites to start over," said Olivier Berni, managing director of Lunabee, which conducted the survey on mobile banking and commerce, mobile device and password security, and usage of iCloud as a storage service.

Lunabee found only 10 percent of those surveyed said they never forget their passwords. Surprisingly, 52 percent admitted that they often write down their passwords to help them keep track – which is hardly a very secure practice.

While password security remains an issue, conversely the survey also found a rising acceptance of mobile banking and mobile commerce. Lunabee found 82 percent of those surveyed are now using their devices for mobile banking and 76 percent now conduct mobile commerce on those same devices. 

That increase hasn’t completely translated to mobile payments, which are used by 72 percent for payment transactions. Security seems to a concern for the other 28 percent of respondents, 80 percent of whom feel that they would use their device for more transactions if overall security was improved.

Interesting, cloud storage is making gains in the perception of security. Of those surveyed, 70 percent stated that they were very comfortable with their data residing on Apple's (News - Alert) iCloud server. Interestingly, 80 percent said that they do not feel more secure using Dropbox over iCloud to store and share information. Also, 83 percent of those surveyed use the iCloud sync feature in oneSafe to share information across devices.

"The survey findings illustrate that users’ feelings towards mobile commerce and security have become a positive user experience," Berni said. "As technologies improve and security heightens, we expect to see the management of passwords to become even more difficult for users. To assist, they can use password management applications to help remove the stress of remembering each and every one of your passwords to the multitude of login screens we see daily."

The online survey was conducted in August and September 2013, and asked for the opinions of Lunabee customers and prospects on multiple aspects of mobile, cloud and device security.

Edited by Alisen Downey

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