With multi-factor security, if a user’s first login attempt fails, the alternative authentication option needs to be particularly convenient.
For banks, this means the PIN and passcode could still be around for a while. Using biometric authentication and manual password entries to combine something a user is and something a user knows reduces the risk of creating user frustration if biometric login attempts fail; users can quickly enter a familiar passcode and access financial information and services. Mobile banking users will likely see biometric recognition paired with PINs and passcodes for two-factored authentication before manual logins are obsolete.
Is it accessible?
According to Spiceworks reports, roughly 90 percent of businesses will bring into action some form of biometric authentication technology by the year 2020, as of today, 62 percent of businesses are already using biometrics. Despite the upward trend in biometric technology, the financial sector is still lagging behind other industries.
Financial institutions are just starting to implement the initial phases of biometric authentication into their mobile banking apps, and fingerprint scanning is the starting point for many of these updates. However, consumers don’t look at fingerprint login as a luxury anymore, they view that functionality as a requirement for their mobile banking apps. On top of that, the ever-expanding list of biometric modalities appearing on consumer devices is challenging banks to keep pace with technology at the same rate as their customers, all while being mindful of accessibility.
For More: http://www.fortifive.com/au/
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