Consumer banking has been evolving for some time, but the pace of technology innovation in this area has recently exploded!
We have gone from passwords, pin numbers, memorable words and authentication numbers to Biometrics to ensure secure online banking.
With the increase of banking fraud as well as use of phones and tablets, biometric measurement tools are being built into every tablet and smart phone.
Biometrics started out with fingerprint or iris verification: but there have been discussion around voice recognition being used to support a struggling applicant and Barclays is using voice ID for telephone banking customers. On tablets and phones, a behavioural biometrics solution creates a more accurate portrayal of a user’s behavioural patterns when using their mobile device. It accurately examines the user’s unique kinetic interaction signature. Last month HSBC announced the use of a selfie to open an account with them.
These methods are believed to be a more secure and quicker way to manage consumer finance, as they have been identified as unique verifications to an individual. They are also the most convenient method as users don’t have to remember the numbers, codes or passwords.
A study recently undertaken by Visa has shown that Brits are almost twice as likely to trust banks over government agencies to store and keep safe their biometric information, reaching 85% in 2016 up from 65% in 2014. This is probably one of the reasons why technology has evolved so quickly, because consumers are more confident in this method.
Banks and lenders will continue to innovate, providing consumers with the technology and service they require, at the same time keeping ahead of competition.