Survey of Fintech and Banking Executives Reveals Identity Authentication Risk and Customer Dissatisfaction Top List of Concerns

“Identity authentication is most often conducted with one-time passwords (36%) or a combination of OTP and KBA questions (29%).

While respondents’ familiarity with facial biometric identity authentication is high (88%), less than one-quarter (22%) currently use this technology.

More than two-thirds (70%) of respondents are either “highly likely” or “somewhat likely” to consider facial biometric identity authentication as an alternative to OTP/KBA questions during the next year.”

Apple Pay Was Not Disruptive But Apple ID Will Be

“Apple has recently registered a number of patent claims across the general field of “verified claims of identity” which have quite rightly attracted some attention. In July, they filed an application with the U.S. Patent & Trademark Office that describes the technology it is trying to develop to replace traditional driver’s licenses, passports and varied ID cards for government purposes or access to private property.”

Deep Dive: How Biometrics And AI Are Improving Banks’ Customer Experiences

“Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave. Modern customers are much more likely to grow frustrated by lengthy processes and switch to other banks, after all.

As such, FIs must seek more innovative authentication procedures that take less time and draw less ire than weak password and PIN systems.”