Juniper Research forecasts that biometric authentication will be used for more than $3 trillion of transactions in 2025, rising from $404 billion in 2020. Examples of a mobile app that employs biometric authentication (Source: codeburst.io) Furthermore, financial organizations can protect against identity theft, credit card hijacking, skimming, as well as phishing. Using the recognition of the face, voice, fingerprints, and other, biometric solutions allow for preventing accounts and devices from unauthorized access.
However, during the same periods in 2017, 2018, and 2019, the number of fraud cases accounted for 27%, which is nearly 4x lower, according to Credit Card Insider.īiometric authentication was designed to improve the security of sensitive data and facilitate compliance with financial regulations.
The Federal Trade Commission informs that credit card fraud increased by 104% between the first quarter of 2019 and the first quarter of 2020. Security threats have evolved in a time of coronavirus. Top 7 mobile banking industry trends in 2021 and beyond 1. We will also show you how it is possible to address business-specific challenges with bespoke software. In this article, software experts at Surf describe the main mobile banking industry trends in 2021 and years to come.
Account opening and digital transaction completion are examples of operations that users can perform with just a few clicks on their smartphones.
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By employing software solutions, financial companies automate manual and repetitive processes, boost customer satisfaction, as well as ensure data security and compliance with regulations.Īdditionally, using mobile banking apps, organizations are able to deliver a range of services remotely, which is especially important during disruptions such as the COVID-19 pandemic. With the widespread adoption of innovative technologies, the banking sector is experiencing rapid transformation.
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