Businesses are facing a digital transformation driven mainly with the goal of improving the customer experience and increasing retention. One of the most apparent examples of this movement is taking place in the banking industry.
Convenience in the world of banking used to be defined by how close you were to a brick-and-mortar branch location where you could conduct business, such as deposit a check, withdrawal cash, transfer money between accounts, or conduct any number of other transactions in person with a teller. The game has changed to say the least.
No one wants to visit a bank anymore, we just don’t have the time with our fast-paced lifestyles. We expect to be able to do our banking on-the-go. Now, convenience is defined by the amount of online services that are available, and even more so by what you can do within a bank’s mobile application. We now expect the ability to conduct any number of transactions wherever we are with our smartphone.
What does this mean from a security perspective? The channel that needs to be locked down with the most stringent security is mobile. At the same time, you can’t put too many barriers in place or it goes from being convenient to a big-time hassle.
Passwords aren’t going to cut it. They’re inconvenient to enter, hard to remember, easily hacked, and most importantly – all they do is authenticate a thing, a proxy for a person, and not the actual human being that needs to be verified. Now is the time to move on from passwords in favor of biometric authentication.