Unfortunately, killing the password is not simple or quick. For example, a surprisingly large percentage of people still login to mobile banking with a password instead of the faster, easier and more secure biometric option. Comfortable habits are hard to change.
I want to highlight two fundamental aspects of our larger strategy to kill the password.
1. Biometric login to online banking. Biometric authentication in all channels including the call center, the branch and the ATM, is a requirement for moving beyond the password.
2. Build an image database of your users faces. Online account opening should capture a picture of the user as part of the account opening process.
Every financial institution should be in progress with a strategy to kill the password. The only alternative is to let your digital channel fraud losses continue to grow.
Author: Chris Doner, Founder and CEO, Access Softek