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The COVID-19 pandemic has fueled an acceleration in online transactions, including in real estate. The majority of U.S. adults are comfortable completing financial purchases digitally, too, finds a new survey released by Notarize, a company that offers remote online notarization.
Eighty-one percent of 2,000 U.S. adults who responded say they feel secure making financial transactions online. But extra authentication and verification steps make them feel safer when doing so, according to the survey.
Over half of the U.S. adults surveyed who’ve completed financial transactions online say that two-factor authentication and security questions help make them feel more secure completing an online financial transaction.
Older generations appear to feel the most secure with online transactions, the survey finds. Consumers 45 to 54 years old felt the most secure completing online financial transactions at 87% compared to 79% of younger adults aged 18 to 34, the findings show.
Younger Americans, ages 18 to 34, say they feel the most comfortable with an online financial transaction if they are also able to talk to customer service by phone or online (53%). Americans between the ages of 45 to 54 say that two-factor authentication (56%) and security questions (61%) make their online financial transactions feel safer.
The awareness of online notarization—another piece to digitizing more financial transactions—is highest among younger generations (18 to 34 years old and 35 to 44), while awareness drops off significantly among older Americans, 65 and older, the report finds.
“Even the most traditional, in-person transactions have quickly shifted online and as a result, consumers are rethinking every facet of how they conduct sensitive financial transactions digitally,” says Pat Kinsel, founder and CEO of Notarize. “The data confirm what we at Notarize know to be true—people trust digital transactions, but still want safety and security throughout the process and are willing to go through the extra steps to give them peace of mind that their transactions are verified and safe. The takeaway for businesses is to make sure you enable technology that provides ease, speed, and security if you want to keep your customers coming back.”
Notarize was part of Second Century Ventures’ 2017 REach program, a strategic investment arm of the National Association of REALTORS® that helps companies launch into the real estate, financial services, banking, home services, and insurance industries spaces.