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Digitization has radically transformed how we interact with financial services, and in this digital era, online banking has become the norm. This reality poses the crucial challenge for financial institutions to ensure security in electronic banking.
In this context, biometrics emerges as a reliable and efficient solution, and it is in this scenario that B-FY stands out as a comprehensive tool that not only enhances security but also adds value by improving the customer experience in 24/7 online banking.
Aware of the future ahead, tech giants have formed the FIDO Alliance (Fast Identity Online), with prominent participants such as Google, Amazon, and PayPal. This collective effort aims to advance towards a passwordless authentication system, emphasizing the importance and expected growth of the biometrics industry. The industry is estimated to reach a value close to $136 billion by the year 2031.
The Authentication Barometer 2023, published in October of this year by the FIDO Alliance, reveals that "the use of passwords without two-factor authentication (2FA) remains predominant. However, given the option, users prefer other authentication methods, with the majority favoring biometrics. Most consumers consider biometrics more secure than legacy authentication methods."
This shift in user preference highlights the need for innovative solutions like B-FY's IDaaS.
The adoption of biometric methods is not just a trend but a growing necessity in an increasingly digitized world where the risks of cyberattacks, identity fraud, and data security breaches are constant.
According to IBM's 2023 Cost of Data Breach Report, financial institutions face losses of approximately $5.9 million for each data breach, 28% above the global average.
These numbers reflect the critical need to strengthen security measures in the financial sector, where customer trust and data integrity are fundamental pillars.
Biometrics is positioned as the most reliable method to authenticate identities, as it relies on unique physical characteristics of each person. Unlike passwords, which have perceived shortcomings according to customers, biometrics offers an additional layer of security by measuring and analyzing biometric traits that are difficult to counterfeit or impersonate.
Biometric authentication not only ensures security but also simplifies online banking. B-FY significantly enhances this experience by providing decentralized, straightforward biometric authentication without the need for a learning curve for the user.
B-FY's solution streamlines access by allowing users to authenticate through the biometric patterns stored on their mobile devices, eliminating the need for traditional passwords or authentication factors that force them to exit the application they are using.
Security and convenience are intertwined in B-FY's proposition, offering customers a direct and simple user experience. The solution easily integrates into web and embedded systems with minimal impact on clients' roadmaps.
Furthermore, B-FY's identification protocol complies with strict European data privacy directives, ensuring maximum privacy for both the user and the company.
Biometric authentication is positioned as the path to the future of online banking, and B-FY leads this path by providing a comprehensive solution that enhances both security and the user experience.
In a constantly evolving digital world, customer trust and data protection are unavoidable priorities, and B-FY presents itself as a reliable and easily integrable solution for financial institutions looking to excel in 24/7 online banking services.
Want to learn more? Request a free demonstration here.