From a security standpoint, biometrics are making great strides in more traditional digital financial services. Only biometrics can provide the high level of security that banks and other financial institutions require with the ease of use that online customers desire, and that can give fintech companies employing these security measures an edge.
According to a new report from the Business Performance Innovation Network and the CMO council, businesses that rely on passwords – instead of simple, secure biometric identity verification measures, for example – will lose customers to the competition. 81 percent of consumers actively seek out brands that deliver an instant identity verification or authentication experience, especially when it comes to accessing money and other financial information. Firms implementing this level of security have set the bar – and fintech companies are taking notice.
Fintech’s success story in online banking
Turkish bank Garanti BBVA has begun using facial recognition software to reach and enroll new online customers to open an account. Their mobile…
