Nowadays the world becomes more digital so the number of passwords people have to manage is becoming a serious problem. Financial organizations need to investigate acceptably. Biometric alternatives for authenticating mobile banking users that balance both security and simplicity.
Our one of the primary goal of digitization is to improve the simplicity of banking. To improve the user experience, one of the obstacles has been the password authentication process needed to access mobile banking. It's a difficult balancing act to do combining the need to improve the security of accessing accounts due to increased data violations, with a desire for greater ease of use.
The more services we use, the more passwords we're forced to remember which is a root of the problem. It’s simply too much because It’s not the passwords themselves that are the problem, it is the scale at which people have to manage and remember credentials. Managing an increasing number of credentials is becoming a challenge for almost all digital users.
In response, users have taken a number of a different walkway.
--> Using the same passwords for all accounts. [ Obviously the worst of all options ]
--> Using different password variations. [ This combines a discerned increased level of security with a relative ease of use. ]
--> Using technology to generate or save strong passwords. [ The most secure of the options, but the most awkward from the user perspective. ]
Why passwords are problematic
The difficulty is that even with the best of techniques, password authentication doesn’t scale well. The more digital services a user uses, the more passwords they’re forced to remember. Even if only a few passwords are used with tiny variations, it is hard to keep up with which account goes with which variation. The result is the tedious “forgotten password” use, which often requires the formation of an additional password.
The bank should not be to relax password standards. So what are real options to safely and securely authenticate people and protect their sensitive information? There are increasing numbers of alternatives being introduced every day. Here some of the options available today:
1. Traditional Username/Password
3. Two-Factor Authentication
4. Social Sign-In
7. Connected Devices
Biometric Banking is not failsafe
– many are difficult to spoof but are not spoof-proof. Having multiple, cascaded gatekeepers fortifies security by requiring additional checkpoints. The more different proofs of identity required through separate routes, the more difficult it is for a thief to steal a consumer’s identity or to imitate them. Likewise, consumer platforms are paving the way by providing improved user experience by authorizing consumers to choose how they access digital information.
Some banks offering customers the option of using fingerprints, voices, retina scans and other biometric technologies to access their accounts instead of passwords. Convenience for their consumers and better security in a time of rampant data violations are fueling the switch.
Technological approaches are giving financial services organizations the opportunity to begin moving beyond passwords. Maybe passwords continue to be the standard for some time given legacy platform controls and technology limitations, the integration of non-password authentication options should be part of every organization’s strategic priorities before another major violation forces the industry to act unilaterally.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding and Startup Course. Learn from India's top investors and entrepreneurs. Click here to know more.