Mitek predicts smartphones will get smarter, biometrics will become more mainstream in 2016
Editor’s Note: With 2016 now upon us, RCR Wireless News has gathered predictions from leading industry analysts and executives on what they expect to see in the new year.
Mobile wins the account-opening race
Many consumers, especially millennials, are shifting to mobile as their channel of choice for everything, including account opening. As a result, mobile account opening will overtake desktop account opening by 20% in 2016. The fact mobile capture technology has made the mobile account opening process 50% faster than the traditional method of data entry will encourage this shift.
Biometrics will become the norm
2016 will be the tipping point where advances in security, maturity and user experience will lead to the mass adoption of biometric authentication in the mobile channel. We predict biometrics will be used for nearly 50% of mobile transactions including banking, shopping and enrollment in 2016.
Smartphones get smarter than people when it comes to fraud
Advances in computer vision will make smartphones better than the human eye when it comes to spotting authentic identity documents. As a result, online and mobile technology will become as good, if not better, than humans at verifying a user’s identity, bringing fraud losses down 15% in the mobile channel next year. This will help reduce what Javelin Strategies estimates to be $2 billion lost from new account fraud.
Real applicants get the respect they deserve in the mobile channel
In 2016, improvements in mobile technologies and data analytics used to verify customer IDs in the mobile channel will enable companies to double the amount of approved customers through the mobile channel by decreasing their pending queue. This will result in a 50% increase of real applicants being approved for accounts.
