Biometrics is gaining popularity in the financial industry as companies strive to provide convenient service and a smooth user experience to retain customers. Is your company ready to take on cybersecurity and privacy challenges?
Traditional ‘identity verification’ often utilises user IDs and passwords. In some cases, these are combined with a hardware device (e.g. a security token) that helps provide more secure authentication.
However, in today’s fast-paced world, companies need to provide convenient service and a smooth user experience to retain and engage their customers. This is one reason biometric authentication has started to gain popularity in the financial industry.
Biometric authentication refers to the use of biological characteristics for identification and authentication purposes. This means you can now rely on physical or behavioural characteristics, instead of on extra devices. This can markedly improve the user experience.
In addition, the introduction of behavioural biometrics has also enabled an additional channel for surveillance monitoring. Many companies globally, including financial institutions, are looking very closely at opportunities to implement biometrics in their digital operations (e.g. mobile banking and phone banking).
Is your company ready to take on cybersecurity and privacy challenges while leveraging the full potential of biometrics?