Managing passwords shouldn’t be a headache for your customers — or your bank. But for most people, keeping track of dozens of unique, strong passwords is almost impossible. Weak or reused passwords don’t just put accounts at risk; they leave sensitive financial data wide open. In an industry where trust is already wearing down, as Edelman Trust Institute reports, banks can’t afford to let poor login security make things worse.
Password managers solve this problem by helping customers create and store strong, unique passwords in one place, behind an encrypted master key.
And given how integrated password managers can be to log into password-protected accounts, it’s not uncommon for active users to access it at least once a day, often multiple times per session as they switch accounts. By adding a password manager like Pango’s into your bank’s offering, every login or account creation becomes an opportunity for users to engage with your app.
For banks, offering password managers isn’t just about protecting accounts — it shows your customers that their security matters. This builds trust and loyalty in a space where both are hard to win.
How Do Password Managers Work?
Password manager apps create and securely store strong, randomized passwords for all of a user’s online accounts. Instead of requiring users to remember or type passwords manually, these apps autofill logins directly into websites or apps.
At the core of every password manager is a “master password,” the only password users need to remember. This master password unlocks the encrypted “vault” that stores all the saved passwords. Because the master password isn’t stored by the app, it can’t be recovered. If users forget it, they may have to reset their account and set up new passwords for all their accounts.
For more security, many password managers also support biometrics, like fingerprint scans, or multi-factor authentication (MFA). These extra steps make it harder for anyone else to access the password vault, even if they somehow have the master password.
Beyond managing passwords, these apps also let users store credit card details and personal information to help autofill forms. Whether it’s for your bank or other sensitive apps, password managers encrypt your logins and require only one master password to access your vault.
How Could Your Customers Benefit from Using Password Managers?
Password managers don’t just store passwords; they encourage better habits. They also make it easier for customers to access your bank across devices.
Whether on a laptop or smartphone, customers won’t need to reset forgotten passwords or worry about mistyped logins. For banks, this means fewer failed logins, fewer help desk calls, and happier customers. In fact, among password manager users, 92% remained with their chosen service over the past year. With the right combination of usability, security, and affordability, your customers are more likely to stay around.
1. Automatically collects and manages user credentials
Password managers detect online forms and offer to create new credentials or autofill existing ones. They analyze website code to find input fields, such as username, password, and contact details. Built-in heuristics help them identify account creation forms versus login fields.
When users submit a form, the password manager prompts them to save the credentials. These are encrypted and stored in a secure vault. The manager also saves the website’s URL, so it can autofill credentials the next time users log in.
For banks, password manager compatibility speeds up account creation. Customers can sign up and login with a few clicks instead of typing in every detail. They also make it easier for customers to log in to other apps like email, shopping, work accounts, and streaming services.
When customers start using the password manager you provide to store passwords for all their accounts, it reinforces the value of your app and increases how often they interact with a tool you’ve offered.
2. Provides quick, secure access with a single master password
Password managers secure all stored credentials behind one master password, which works across mobile apps, web browsers, and desktop versions. This single point of access simplifies login processes without compromising security.
Most password managers follow a “zero-knowledge” encryption model. This means passwords are encrypted locally before being stored, and the master password is never saved on their servers.
By limiting stored data, password managers make it much harder for attackers to compromise user accounts, even in the event of a breach. For banks, offering password managers adds a layer of security that customers can rely on without sacrificing convenience.
3. Creates and stores new complex passwords automatically
Weak passwords cause 30% of security breaches, making password managers a must-have for protecting sensitive information — especially in banking.
When generating passwords, password managers use random combinations of letters, numbers, and symbols. Some also offer passphrases made of unrelated words, which are easier to type and remember but are just as secure. By generating passwords that follow best practices, password managers reduce the risk of weak or easily guessed credentials.
Your users can also customize password generation to suit specific needs, such as setting the length, including capital letters, symbols, or random words. Some password managers — like Pango’s — also identify and replace weak passwords already in use, further improving security.
4. Encrypts data to keep it safe from hackers
Password managers rely on advanced encryption — most commonly AES-256 — to keep stored passwords safe. Many also use zero-knowledge encryption, meaning passwords are encrypted before they ever reach the app’s servers. This way, only the user can access their data, even in the event of a breach.
5. Alerts users when their passwords are at risk
Password managers do more than store and encrypt passwords. They can also notify users of potential security issues, such as data breaches, weak or reused passwords, and expired credentials. This is often paired with Dark Web monitoring to flag compromised passwords and alerts about suspicious websites to reduce phishing risks.
When users upload existing credentials, password managers scan them for security weaknesses, identifying passwords that don’t meet best practices. By addressing these gaps, users can replace weak logins with stronger, more secure alternatives.
How Can Pango Help?
With features like bulk password uploads, strong password generation, and automated updates for weak credentials, Pango’s password manager provides everything users need to stay secure without adding complexity.
For businesses, Pango offers customizable solutions, including SDK integration and white-label options, making it easy to align with your brand and user needs. Pango is a trusted partner in delivering reliable digital security tools, with over 20 years in the industry.
Password managers typically cost between $2–$6 per month. Bundling Pango’s password manager into your offering lets you tap into its value while adding more features for your customers. This also helps improve your Net Promoter Scores (NPS) — tipping customer satisfaction and retention in your favor.
Help your users take control of their account security with Pango’s password manager. They can securely store and manage passwords, quickly replace weak ones, and access their accounts across devices in just seconds.