Do Americans Trust Alexa to Handle Their Money?
Virtual assistants have become part of the modern culture. A multitude of tasks can be completed hands-free with a simple, “Hey Alexa.” But how do Americans view virtual assistants when it comes to handling their money? Are Alexa, Bixby and Siri trustworthy for financial transactions?
According to a new study from TSYS, 26% of adults own a voice-activated speaker, such as the Amazon Echo or Google Home. That percentage varies by age group, with 41% of 25-34 year olds saying they own one, compared to 17% of those 55 and older.
Among consumers who own a voice-activated speaker, 83% use it to get answers to questions. 80% use it for entertainment, and 77% to gather news. Only 47% of speaker owners use their devices to buy items online.
Part of the reluctance may be due to lack of adoption. Voice-activated speakers are still somewhat in their infancy, so Americans are not used to using them for financial transactions. 72% of respondents said they use their phones to view debit and credit card transactions, and 58% said they are willing to store all of their rewards cards on their phones. Wearables, like speakers, are also less popular—only 33% of respondents said they have used a smartwatch to make a payment.
Another concern Americans have with voice-activated speakers is a lack of security. With a smartphone, you can create locks based on fingerprints, eye scans and passcodes. Speakers rely mostly on voice recognition for their security protocols. Just 34% of respondents trust voice recognition for security, a slight decrease from 38% in 2016. Passcodes are the most trusted form of security at 69%, with fingerprints following closely at 63%.