With each passing day, we are increasingly accused of having a shorter attention span. This can be particularly true when people use their mobile device, knowing that if that something else can immediately gain our attention if we become bored or frustrated. But how does this effect things such as onboarding for banking?
Nikhil Kamdar, Vice President, Global Solutions Consultancy, iProov, presented at the recent Customer Experience in Financial Services Conference 2024.
In his presentation, Securing the Customer Lifestyle with Effortless Face Authentication, Kamdar explored how cloud-based biometric face authentication can enable financial institutions to balance security and low-friction access in the era of generative-AI-enabled fraud.
Once onboarded, customers can use the same credential, their face, across every digital touchpoint, including account recovery. This service can be used to maximise accessibility, enabling financial institutions to extend service to the underbanked, widening the total addressable market.
This has been adopted by leading financial institutions such as UBS, Knab Bank and Raiffeisen Bank, to deliver secure, seamless digital access, improving cost efficiencies and revenue outcomes.
The session highlighted the challenges and drivers of remote authentication. One of the key drivers is to improve accessibility, with 5% of the EU currently unbanked. It also highlighted that Gen AI fraud is set to reach $10.5bn worth of losses by 2025.
iProov’s Dynamic Liveness takes into account human behaviour
During this presentation, Kamdar exhibited iProov’s dynamic liveness, which is being used by Knab Bank. When using this, instead of displaying an image of a customer’s face as it appears, it will instead show a stylised version of their face, as if using a filter. This uses a variety of colours and shading to create a unique picture.
The reason for this, as explained by Kamdar, is simple human behaviour. Many people do not like the way they look at all moments of the day. So by creating this unique, one-off image, will likely have a more positive effect on some people, as opposed to using an image of their face.
Currently, 60% of people stop using a service when it becomes frustrating, and dynamic liveness looks to reduce this frustration.
iProov believes that the face is the next stage in authentication evolution, with this dynamic liveness detection showing that it is evolving, not just due to the technology, but by how it has been applied and altered due to human behaviour.
