The update allows customers to log in by using biometric authentication such as fingerprint, voice, and facial recognition. Passwords and PINs are being rendered irrelevant thanks to rising digital fraud, growing concern about data privacy, and difficulty remembering an endless stream of letters and numbers. Securing mobile banking apps by leveraging biometric authenticating can be vital to building consumer confidence and further pushing adoption — 62% of US consumers feel secure with mobile fingerprint authentication. Adding this security feature could limit consumer risk and improve perception of safety, according to Yahoo Finance.
Furthermore, Citi could leverage these new security features to boost interest in the banks mobile wallet. In November 2016, Citi announced it will be releasing its own proprietary mobile wallet which will allow its customers to make online, in-app, and in-store payments.
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