The ease of identity verification and authentication has improved as financial institutions implement biometrics in the place of entering account numbers, passwords and remembering what you entered as your favorite band when you opened the account. The speed at which we will all be able to conduct business and authorize transactions will be magnified as use of biometrics become more commonplace. But some methods are resonating with consumers better than others.
In terms of authentication methods, Dunkelberger points out that it’s “not just biometrics, but your behaviour”.
Forget just a face or finger to prove who you are, it could boil down to everything you do. The moderator, Jonathan Vaux, executive director, innovation partnerships, Visa Europe, notes this “verges on being creepy”.
Rather than needing to verify or authenticate, some biometric strategies are simply keeping a close tab on identifiers constantly, so there is no ‘check’ as it were, but rather an “electronic notarization” attesting that it is indeed you. It will boil down to individual decision as to the biometric information one shares based on personal feeling, trust in the system, and need for efficiency.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies at Mercator Advisory Group
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