The introduction of biometrics to authenticate mobile banking is fundamentally improving security and one of the most interesting new trends in banking and financial institutions technology. It helps customers to enjoy the banking facility on mobile, e.g. account information, transaction, transfer money from one account to another account, and other banking facilities are available in their smartphones and other mobile devices.
Mobile biometrics has caught the imagination of digitally empowered banking and financial institutions from reduced incidents of fraud and faster transactions to higher accuracy and authentication. Mobile banking services aren’t new until recently authentication for transactions was limited to passwords and PINs only, creating a large gaping security hole.
This means that a customer can now place his/her trust in mobile devices to do all sorts of banking transactions and payments because it has secure biometric identification patterns that are unique to everybody, hence reducing risks of forgery. For instance, a customer wants to do a money transfer from his/ her account to another account, with a simple swipe and fingerprint authentication, or facial biometric authentication he opens up his mobile banking app. and the transaction gets confirmed. (A bank will integrate customers’ accounts on the App and their phone number so they get notified the moment somebody else tries to log in).
Let’s discuss four benefits of using mobile biometrics in banking and financial institutions
Mobile biometrics authentication brings outstanding benefits to both customers and banks. This system now gives customers the flexibility to make transactions without using bank cards. For instance, when a customer losses his/her card, he can access his account through the phone, and also banks can avoid the costs and liabilities to such problems.
- Fast and Accurate
Mobile biometric technology provides fast and accurate identification for the banking industry where customers can be quickly authenticated in mere seconds whenever they are doing any transactions on their phones through a
fast-biometric scan e.g. Fingerprints, facial biometrics, and voice.
- Providing added Controls
Mobile banking app is like a remote control for your money. The app lets you deposit a check and send someone money whenever you wish. These controls are getting more advanced. Some bank apps let you activate a new credit or debit card, for instance, if a customer tries to use their card that is not activated, a bank for years would just decline the card. Now if you have the mobile app, you can get a push notification like “hey your card hasn’t been activated. Do you want to activate”?
The bank lets you use your mobile banking app to turn your debit or credit card off if it goes missing or is stolen. It’s a nice feature to help you feel instantly secure in a moment of panic.
- Secure and Accurate
Security is one of the most important concerns for customers. Online and mobile banking both bring their own risks, but additional hardware security makes mobile biometric banking more secure than its online counterpart.
In order to maximize security, banks use security solutions such as biometric data like fingerprint, voice, and retina scans for a secure and flexible solutions to verify any customer executing transactions in the bank. Almost all financial institutions use encryption to protect financial information and privacy, which guarantees worry-free mobile banking. Even if your customer loses their cell phone, their banking data is safe.
In conclusion, as time goes, many customers are aware and convinced of the strong security that mobile biometrics is able to provide, due to the fact that many modern smartphones and electronic devices are equipped with biometric identification technology.
Banking through mobile devices is as safe as a branch or ATM banking and actually more secure. Some banking institutions have already begun to switch to mobile biometrics for user authentication gradually due to safety and reliability.
By Carolyne Rabut
Content Marketing – CompuLynx