How Biometrics Expand the Reach of Mobile Banking
The Mobile Banking Opportunity
For financial institutions, mobile banking is a cost-effective way to reach new consumers. The technology offers financial inclusion and unprecedented convenience.
The Nielsen Mobile Shopping, Banking and Payment Survey found 47 percent of consumers across the globe used their mobile phones to check their account balances at least once in the six months prior to March 2016. 42 percent said they had used their mobile devices to pay bills. More plan to partake in such activities in the future.
Despite consumers’ rising interest in mobile banking, onboarding and authentication obstacles hinder financial institutions’ ability to position the technology as their primary customer engagement medium. Biometrics technology offers the means to address these barriers.