There was an article in the press recently about Wells Fargo’s efforts to improve on the security checks for use with its mobile banking app. The bank is testing the use of biometrics, facial and voice recognition, to confirm customers’ identities and allow account access. With this new technology, all the customer has to do is take a selfie and talk. This replaces an onerous process of entering usernames, passwords, a unique security token and a pin number.
Like most leading financial services companies, Wells Fargo recognizes the growing importance of mobile devices in the lives of their client base. This recognition is supported by recent research that suggests mobile banking transactions now make up a third of all transactions, more than any other channel including online, ATMs or branch visits.
We believe forward-looking financial institutions will continue to develop and apply new technologies to meet the demands of the mobile-only customer. For the moment, this means adding other features such as esignatures, push notifications and interactive chat. For the future, it means looking at the institution’s offering in the context of this evolving delivery medium and making sure that access and use of products and services are optimized for mobile platforms.