Improving Financial Onboarding and Authentication Through Biometrics

The world has truly gone digital. It is currently estimated that 3.8 billion people own a smartphone1, representing almost half of the entire world’s population. The rapid ascendance of smartphones around the world in recent years has upturned much of how we live our lives, from social media to online shopping. Banks and financial services companies have also had to adapt to this new digital landscape, providing their customers with new ways to access and manage their accounts.

The arrival of COVID-19 only escalated these trends, greatly increasing overall demand for mobile-based financial solutions that wouldn’t require in-person visits that could jeopardize one’s health. This combination of smartphone ubiquity and reluctance to travel has shone a spotlight on traditional financial onboarding and authentication procedures, highlighting just how important it is to provide financial customers with a means to both open and access their accounts securely from a remote location. With so many banks and financial companies looking for ways to address these challenges, biometrics are an ideal solution for secure, remote onboarding and transaction authentication.