SECURITY AS A HOOK Strong ID verification attracts business clients

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SECURITY AS A HOOK Strong ID verification attracts business clients

Of business bank account owners, 50% are more likely to consider robust identity verification methods to be very compelling or extremely compelling factors in choosing a new financial institution, according to a report by Javelin Strategy & Research.

Financial institutions are challenged to determine the best authentication strategies that meet both consumer preferences and the recent FFIEC regulatory requirements for internet banking security.

Robust authentication can be an acquisition strategy for financial institutions to attract business customers, who increase their online banking activities when presented with strong and effective authentication solutions.

Despite limited mention of biometrics in the recent FFIEC Supplement to Authentication in an Internet Banking Environment, Javelin predicts that financial institutions will begin deploying biometric technology in 2013 to authenticate their internet banking customers.

"Voice and facial recognition will be the long-term biometric winners," says Alphonse Pascual, industry analyst, Security, Risk and Fraud at Javelin. "Voice will launch first, as it's more mature and easier to implement in the financial services industry, especially in the mobile banking channel. Financial institutions can easily layer voice biometrics with other authentication methods to make them more robust than they are as stand-alone authentication measures."

https://www.javelinstrategy.com/news/1363/92/Authentication-and-the-FFIEC-Business-Customers-Choose-Biometrics/d,pressRoomDetail

[This article was posted on November 8, 2012, on the website of ABA Banking Journal, www.ababj.com.]

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