Today, technology is developing faster than at any time in history, and the way customers interact with banks and financial institutions is rapidly changing. Data from a report by the the US Federal Reserve

shows that adoption of mobile banking has increased by 52% YoY, and the trend is likely to accelerate further in the next few years.

 

Customers are demanding the same services from mobile applications as they do from online and retail banking. However, most banking applications are still relying on authentication methods that are

interruptive, increase friction, negatively affect customer experience and are no longer sufficient at preventing fraud in the era of advanced persistent threats and industrialized hacking.

 

Traditional banks need to up their game if they don’t want to lose customers to increasingly competitive FinTech companies and stay relevant in the rapidly changing environment. And fast. To strengthen security and minimize risks banks need to adopt innovative approaches that reduce fraud while simultaneously enhancing customer experience and eliminating friction. Enter behavioral biometrics.