Contactless payments, instantaneous transfers, chip and pin — the way we bank and manage our money has changed dramatically over the past few years. A report from UK. Finance and EY for example stated that 19.6 million people in the U.K. used banking apps last year, and a senior figure within HSBC made the claim that “I really do think we are going to get rid of passwords, because we are going to use biometrics, so accessing the services (is)… going to be better”. Lisa Baergen, Director at NuData Security commented below.

Lisa Baergen, Director at NuData Security:

“Personal Banking is evolving as technologies, such as passive biometrics and behavioral analytics, secure the online transaction by correctly identifying true customers through their unique online behavior. With a layered security solution that identifies the correct user beyond pins, passwords, or credentials, this technology can devaluate Personally Identifiable Information (PII) and start to take center stage. Faster electronic transfers, loan and mortgage applications, and investment services are now almost completely digital through banks or brokers. As it becomes more and more unnecessary to enter a bank for any service, good online user experiences are becoming essential in retaining customers without sacrificing security.”

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