We missed “Money 20/20” this year but we could not stay away from the excitement and enthusiasm generated for the “Future of Biometric” in banking and financial firms.
Digital Identity and Digital Security has been the spotlight in 2016 and we anticipate that the curiosity and adoption is going to take leap steps forward in 2017 and 2018.
Username and passwords are the most prominent but just like some of our fellow competitors such as Daon, Nok Nok Labs and BehavioSec, we envision a world where username and passwords can be replaced by different biometric mechanisms, both physical (face, voice, fingerprint, iris) and behavioural (cognitive fingerprinting such as keyboard dynamics, mobile gestures, location, velocity, device fingerprinting).
In today’s world, when banks adopt strong customer authentication, they not only incur significant costs but also impact the quality of user experience adversely. We hope that in coming days biometric authentications would be able to address this problem, thereby, bringing the much needed right balance to strong customer authentication. Mobile has emerged as the most preferred mechanism right from the introduction of TouchID by Apple. A mobile’s basic features such as camera and speaker can be used for face and voice authentications respectively while enhanced features such as telemetry can be used in terms of location and other behavioural signals.
In July 2016, the Federal Financial Institutions Examination Council recommended that banks and financial institutions replace conventional one-factor authentication mechanisms, such as usernames and passwords, with secure biometric mechanisms. In October 2016, UK banks were slammed for lack of adequate strong customer authentication.
At EZMCOM, we are excited about the Biometric and Behavioural Authentication and we are confident that banks and financial institutions would go for user convenience with security oriented products. Digital is the future and while embracing digital, one cannot adopt the conventional security or stay away from bringing the security solutions with quality of user convenience in mind.