Mobile biometrics offer banks and other businesses a way to more effectively verify the identities of their new and existing customers. Mobile onboarding allows a prospective banking customer to open an account without visiting a branch. Biometrics make this identity proofing process more robust and secure. New customers can then use their biometrics in place [...]
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.
Biometrics have been primarily the business of governments for many years, which—for applications like law enforcement, defense, and border control—applied biometric search to “identify” people, essentially verifying their claimed identity.
Today, biometric sensors are ubiquitous, and millions of people are using biometrics many times each day for authentication. It’s now hard to remember a time when the association of biometrics with criminality was reflexive; a notion that collection of my fingerprints—let alone a mugshot— represents accusation and inherent mistrust. This is a powerful paradigm shift for the industry not only in terms of market potential but for the change in how consumers view biometrics [...]