Last week, Enacomm CEO Michael Boukadakis weighed in with thoughts for a new untapt piece, “Technologies driving the FinTech space.” Commenting on what technologies he sees as drivers of forward progress and disruption, Boukadakis shared the following:
“Biometrics are permeating the financial innovation space, as the technology offers viable solutions for leading concerns related to strengthening security and boosting convenience. Biometric technology will play an increasingly critical role in the industry, because financial fraud – an unsolved crisis -is becoming ever more sophisticated. Further driving implementation, Federal Financial Institutions Examination Council (FFIEC) guidance recommends and sometimes mandates using a multi-layered, dynamic customer authentication system, for which biometrics is a fitting addition.
“Not only can biometrics and knowledge-based authentication (KBA) combine to address security concerns – for example, comparing a selfie with a stored photo at a records bureau for facial recognition – but biometrics can be applied for the sake of convenience. With voice signature technology, customers can now speak on the dotted line, improving the overall consumer experience with easier enrollment and faster processing. Voice biometrics, in particular, are highly reliable with a 99.99% success rate, but the fine-tuning of a voice authentication system impacts the degree to which it is foolproof. Organizations must weigh their desired levels of security and convenience, which are in an inverse relationship along a sliding scale.”
To read the full untapt article with additional opinions from other professionals in FinTech on mobile, UI/UX, blockchain, fractional trading, and unbanking, click here. To find out more about Enacomm’s customer authentication and intelligent interactions technologies, give us a call at 1-877-860-0025 or learn more on our website: www.enacomm.net.