by Chris Doner, founder and CEO of Access Softek
Today’s customers are often digital-first, or at least “digital-primary,” which has conditioned their behavior in the physical world. The expectation is a digital-like experience that is low in friction, requiring little-to-no manual input. So why are most financial institutions not meeting their customers where they are?
Leading digital services providers outside of the financial services industry have already begun moving away from passwords and security questions in favor of biometrics. Customers are now looking to their financial providers to do the same, creating a big opportunity for financial institutions.
Biometrics, specifically mobile device biometrics (MDB), is no longer a nice-to-have, but a must for financial institutions looking to deliver on customer satisfaction, cut operational cost, and future-proof security across all call center, in-branch and digital channels.
Financial services are not in a silo. While FIs face a more stringent regulatory environment than consumer tech, consumers still expect the customer experience they have come to rely on from their FI of choice. The good news is that mobile device biometrics can deliver upon this demand in a compliant way. However, FIs must relinquish their affinity toward knowledge-based authentication (KBA).
According to a recent survey we conducted, nearly half of respondents said they would like the ability to biometrically authenticate with their FI. The same survey notes 47% of respondents expressed a perceived improved appreciation of their FI if it offered mobile device biometric authentication in the contact center. Furthermore, 30% of respondents would go as far as to consider leaving their current FI for one that offered mobile device biometric authentication.
Mobile device biometric authentication uses facial, iris and fingerprint scans to verify customers. It is simple and virtually instantaneous, bypassing the friction caused by KBA. More importantly, it is the only authentication method that is available, familiar, and useable across all consumer service environments.
Understanding MDB authentication is essential as financial institutions seek to provide a more unified authentication experience and a better user experience. For more on MDB, the time and cost savings it brings, and how it can keep individuals more secure, check out our contribution to William Mills Agency’s Bankers as Buyers report: https://info.williammills.com/bankers-as-buyers-2021
About Access Softek, Inc.
Access Softek sets the standard for the omnichannel digital banking landscape, having developed the first downloadable apps for mobile banking. Since that time, Access Softek has extended its track record of innovation to online banking, biometric authentication, real-time fraud prevention, and automated investing integrated directly into a financial institution’s digital banking platform, among many other innovative products. Since 2004, Access Softek has delivered industry firsts to over 400 bank and credit union clients from its Berkeley, California headquarters. Learn more at AccessSoftek.com.
Access Softek Contact:
VP of Marketing