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Would you share your DNA to protect your finances?

Business and Enterprise

Posted on June 15, 2015

2 min read

Well, the answer depends on how much money you have. What about these: If you could only take one thing in a fire, would it be your wallet or smartphone? Are passwords really dead? How much do you trust your bank?

For the last twelve months I’ve been talking to consumers and banks all over the world, in an effort to understand how our relationship with our smartphone is affecting our relationship with financial institutions. Some of the results surprised me and others downright shocked me, for example, a staggering 47 per cent of those with a net worth of more than US $1 million would share their DNA profile with a financial provider.

The smartphone has become the primary channel that Gen X and Y use to access their financial services. This has led to a behavioural state we’re calling ‘no-finapp-phobia’ – the fear of being without your financial apps – and inhibiting the ability to save, spend, borrow or invest.

The central finding in the report is that mobile technologies have changed how these generations prefer to be identified when accessing their financial services.

The trust paradigm has shifted from having to prove who we are, to being recognised for who we are.
“Mobile Identity – The Fusion of Financial Services, Mobile and Identity”, revealed more insights than I could dissect on my own, so in order to take a deeper dive with those in-the-know, we got together with ING Direct, NAB and Roy Morgan to discuss the findings and their implications.

In today’s video episode of our group discussion, we look at how changing demographics are affecting what consumers expect from their bank.

Tomorrow we’ll pick up looking at mobile identity, security and the potential for biometrics (fingerprint or eye scanning, facial or voice recognition), and on Wednesday we’ll close the conversation by looking to the future and examining where to next for the sector.

So please join us and check out the discussion video, or you can also download the full report here.

While I can tell you that in 2014, more consumer interacted with their bank through their smartphone than any other channel, I certainly don’t have all the answers, so please join in the conversation and let me know what you think.

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