Online transactions have accelerated since the COVID-19 pandemic came to town, and real estate is no different. Indeed, a new survey by Notarize shows that U.S. adults are now quite comfortable with completing financial transactions digitally.
The survey found that 81% of U.S. adults indicated they feel secure when completing financial purchases online. But many said they would feel even safer if more authentication and verification steps were added to the process.
More than half of the survey respondents said security questions and two-factor authentication help them feel more secure when completing online transactions.
Surprisingly, older generations feel more secure about transacting financially online than others. The survey found that those aged 45 to 54 years old were the most secure when completing online financial transactions, with 87% saying they were fine about it. That compared to just 79% of adults in the 18 to 34 years old bracket.
Fifty-three percent of those in the 18 to 34 age group say they’re more comfortable about completing financial transactions online if they’re able to speak with a customer service representative first. Respondents aged 45 to 54 cited two-factor authentication (56%) and security questions (61%) as the most important tools for making them feel safer.
Notarize, which provides online notarization services that are key to completing large financial transactions digitally, said awareness of those tools is higher among people in the 18 to 34 and 35 to 44 years old age groups than it is with older people.
Notarize Chief Executive Pat Kinsel said that with the pandemic, even the most traditional in-person transactions have shifted online. That has forced consumers to rethink every facet of how they complete sensitive financial dealings using digital tools, he said.
“The data confirms what we at Notarize know to be true,” Kinsel said. “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 pace 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” he added.