Biometrics in the Cloud

Whitepaper



Financial service organizations that want to reap the benefits of the digital revolution to improve security, lower costs, and attract the most desirable customers, will adopt Biometrics in the Cloud as the foundation for enhancing and securing the customer journey.


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In the new financial services marketplace innovation, agility, immediacy and technology-driven hi-touch responsiveness are transforming consumer expectations.

Financial service organizations face three fundamental authentication challenges:

  • How to eliminate unnecessary friction while applying the requisite level of security at each decision point.
  • How to improve customer experience and engagement.
  • How to create seamless cross channel flow.
 

For more than a decade, Federation via SAML (Security Assertion Markup Language),OpenID (open standard and decentralized
 authentication protocol), SSO (single sign on) and other standards and protocols, combined with a host of hard and soft security tokens, have defined authentication.  These "identity-centric" approaches promised to free resources and supercharge user facilitation. Instead passwords have multiplied and morphed into ever more complex secrets and tokens that must be managed, remembered, or carried around. Now mobile-based identification schemes are proliferating, once again promising to deliver identity-centric authentication. Though it is increasingly clear that even our now indispensable smartphones are nothing more than glorified tokens.


Mobile and digital financial service solutions are failing the test of consumer expectations.

As FinTech start-ups craft new approaches, tools, and techniques to address the customer experience challenge, most continue to operate around the edges of the authentication problem. Despite the best efforts of FinTech innovators, frustrating gaps, breaks, and intrusions that stifle digital financial service delivery persist as they continue to rely on passwords and device identification, on OTP (one time passwords) and key fobs. Sadly, these efforts are doomed to fail so long as authentication relies on secret and device-based Approximations of Identity (AOI).


A new “identity-centric” paradigm is needed. One that will unleash the power of FinTech innovation by recognizing an individual - not just a device - on the other end of a request for information, money, credit, or any financial service.

Financial service organizations that do not recognize the limitations of secrets-based authentication schemes will hobble along reduced to second tier status as market innovators pass them by.

Meanwhile, financial service organizations that embrace identity-centric authentication - authentication that does not depend on secrets, tokens, or devices, but on the Unique Verifiable Identity (UVI) of individuals - will be poised to deliver seamless digital services.

Only Cloud-based biometrics can move beyond secrets and device-based Approximations of Identity and deliver Unique Verifiable Identity, seamlessly linking an individual to their digital self.



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