Digital transformation in banking is rapidly evolving. In this fast-moving environment, where finance and fraud intersect, anything that interrupts the user journey has serious repercussions to the bottom line. With 92% of millennials reporting (according to a study conducted by the Medallia Institute) that they would choose a bank with digital services over one that does not, banks cannot ignore the coming wave. A majority of the same millennials find difficulties in resolving problems with their bank frustrating enough to leave, and this frustration is fueled by a lack of functionality, poor customer service and high false alarm or decline rates.
The winners of the digital leadership race will figure out a way to resolve the traditional trade-off between security and user convenience. They will win over customer trust and reap the benefits in the top and bottom line. In fact, according to a recent Aite Group report, reducing abandonment in the onboarding process by 33% drives up overall profits by 50%. Of course, not addressing security and risk has severe consequences to brand equity, customer trust and the bottom line.
Technologies like behavioral biometrics are poised to change the paradigm and address the need for frictionless authentication across the user journey - from account origination, to login and beyond to secure the entire online session. BioCatch is the recognized category leader for behavioral biometrics, working with leading global brands to prevent new account fraud, lower risk and secure the digital channel. In the digital world, the use of behavioral biometrics technology allows for passive, continuous authentication, generating actionable risk scores that are used to validate user identity and prevent fraud in real-time, requiring no additional third-party messaging or any other extra steps for a user to verify their identity. The system picks up the way a user naturally interacts with a device or with an application to create a user profile and detects the difference between an authorized user and an imposter, whether it is an unauthorized human user, or some malware, bot or aggregator.
Typical use cases for BioCatch include:
-Preventing new account fraud by detecting the use of synthetic and stolen identities
-Authenticating user identity by matching robust user profiles
-Fighting account takeover, social engineering and other sophisticated malware, remote access Trojan and robotic attacks
With proven and demonstrable ROI, implementing BioCatch accelerates the deployment of new applications and offerings, reducing risk and creating new growth opportunities that feed into digital leadership strategies.