Many consumers wary of using digital identities
The benefits of a standardized digital identity used across many different types of identity-dependent transactions, including home buying and renting, may be significant – for example, a simplified application process, swift transaction approval, lower costs, and enhanced security.
However, consumers we surveyed said they have significant safety and security concerns about digital identity. This is not surprising given the growing number and severity of personal data breaches. Key findings include:
- Only 13 percent of Americans say they are interested in having a digital financial identity.
- Those who are more highly educated, those with higher incomes, and those in the 18-34 age group (Millennials) are only slightly more likely to be interested in having a digital financial identity.
For more information read our Perspectives article.
Estimates, forecasts, and other views expressed in this article should not be construed as indicating Fannie Mae’s expected results, are based on a number of assumptions, and may change without notice. How this information affects Fannie Mae will depend on many factors. Neither Fannie Mae nor its Economic & Strategic Research (ESR) Group guarantees that the information in this article is accurate, current, or suitable for any particular purpose. Changes in the assumptions or underlying information could produce materially different results. The ESR Group’s views expressed in this article speak only as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.