Today, more and more high net worth clients are digitally savvy and expect an easy connection with their bankers anytime, anywhere… Yet, many of them still access their client space using complicated passwords or tokens that they can hardly remember. Their client experience is far from optimal. A forward-looking identification system has become essential to keep up with the needs of more and more demanding investors.
Kuwait’s Gulf Bank has cleaned up at the World Finance Awards 2016, winning both awards for its country in the categories of Best Digital Bank and Best Mobile Banking App. And the company is giving much of the credit to its embrace of biometric technology. Daon is extremely proud to be a part of this innovative solution to provide secure, convenient digital services for Gulf Bank’s customer base.
Passwords. We use them for practically everything we do — from purchasing a gift online, to taking out cash at a bank — and for most of us, we have so many different passwords that it’s difficult to remember them all. It’s time to do away with passwords, replacing them with biometric authentication as part of a multi-factor approach to cybersecurity.
The ABA Banking Journal published an article that focuses on biometrics in banking. The article begins: “As the guardians of customers’ most sensitive data, banks are trusted to provide the gold standard in data security. And for most banks, that means a multi-factor authentication process combining passwords with PINs or security questions. But is that enough?”
Speaking at FinovateFall 2016 in September, Daon President of the Americas Conor White asked attendees about their own experience with cart abandonment online. “Last year, a Javelin report said that $9 billion was lost due to card fraud. That’s a problem,” White said. “But there was $118 billion in lost revenue because transactions were just abandoned or falsely declined. So do we have a security problem or a convenience problem?”
If you’re like most Americans, you’ll be doing even more of your holiday shopping online this year. And if you’re a Millennial, chances are even greater you’ll be buying your Christmas and Chanukah presents on your mobile phone.
Korea’s leading certificate authority KTNET has opened its center for mobile biometric authentication services, called BioCA, as of November 23rd.
Atom Bank is breathing new life into the banking sector by building everything digitally, forgoing branches and turning to a mobile application that uses face and voice recognition for biometric security. To say that this new way of banking is ground-breaking is an understatement and Atom is getting a lot of recognition as of late, ranking 6th on a list of 50 leading established fintech companies and 50 emerging stars compiled by Fintech Innovators. Read more about their ranking here.