Mobile banking security, speed, and ease of use will likely advance in the coming year, predicts Mitek.
Predictions for 2016 from Mitek, which specializes in mobile capture and identity verification.:
• Mobile wins account-opening race. Many consumers, especially millennials, are shifting to mobile as their channel of choice for everything, including account opening. As a result, mobile account opening will overtake desktop account opening by 20%.
• Biometrics will become the norm. 2016 will be the tipping point where advances in security, maturity, and user experience will lead to the mass adoption of biometric authentication in the mobile channel. Biometrics will be used for nearly 50% of mobile transactions including banking, shopping, and enrollment.
• Smart phones will grow smarter than people when it comes to fraud. Advances in computer vision will make smart phones better than the human eye when it comes to spotting authentic identity documents. As a result, online and mobile technology will become as good, if not better, than humans at verifying a user’s identity, bringing fraud losses down 15% in the mobile channel.
• Real applicants get the respect they deserve in the mobile channel. Improvements in mobile technologies and data analytics used to verify customer IDs in the mobile channel will enable companies to double the amount of approved customers through the mobile channel by decreasing their pending queue.