Mastercard said all consumers will be able to use biometric identification when they shop and pay by April of next year; banks offering Mastercard branded cards will have to have biometrics alongside the typical PIN and password; the company cited consumers preference for this type of authentication and new regulations like PSD2 in Europe; Mark Barnett, president, Mastercard UK and Ireland, tells Banking Technology: “It will make the purchase much smoother, and instead of having to remember passwords to authenticate, shoppers will have the chance to use a fingerprint or a picture of themselves.” Source.
Ant Financial has rolled out the world's first commercial application of a payment system that identifies payers using facial recognition technology; starting from September 1, a KFC restaurant in Hangzhou allows customers to authenticate their payments by having their faces scanned; the whole process, which takes about ten seconds, does not require users to take out their cell phones; the function is powered by Face ++ technology developed by Beijing startup Megvii. Source
Lend Academy explores how biometrics technology is going to change the finance world, cutting down on cyber-hacks and data breaches; discusses thumb prints, voice interaction/ authentication, iris scanning and now face recognition with the new iPhone X; one technology with a lot of potential is behavioral biometrics; while we are still early there are still many interesting things happening in this space and it is an area to keep an eye on. Source
As consumers reel from yet another massive data hack, this time of Equifax, fintech leaders are looking to solve the problem to prevent future hacks from happening; Chris Skinner offers up a couple of solutions that corporates and financial services firms should implement; biometrics & touchID, though these are not hack proof, and blockchain technology; he points out the power and security of the blockchain in helping to keep personal data secure. Source.
Open banking is facilitating innovation across the banking sector and ING has plans to use it for voice automated artificial intelligence services; the bank's vision includes voice automated banking services through devices such as Amazon Alexa and Google Home, where digital assistants can pay bills and provide personalized advice through voice prompts; the bank is seeking to utilize new concepts being developed in Europe and has invested EUR800 million ($945 million) in a digital transformation. Source