Biometrics is a revolutionary step forward as a core of Banking 3.0

Why biometrics?

Biometrics is one of the most interesting new trends in modern banking. It seems to be a milestone when considering the future of mobile applications. If banks desire to remain competitive, they should anticipate customers’ expectations and needs. However, the main goal is to combine the idea of achieving innovation with the constant care for the clients’ convenience and payment safety. Passwords, PINs, tokens and other protection can provide supplementary levels of security, but biometrics are the most exceptional and the most difficult to compromise.

We have recently added biometrics into the mBank CompanyMobile application. So far it is dedicated to corporate customers, but it is clearly a milestone in the expansion of biometrics in Poland.
                                                   

How does it look like in Poland?

Biometrics is gaining an increased popularity in the financial sector worldwide. But what exactly is biometrics? Biometrics refers to all the means that enable customers’ identification by evaluating distinguished biological trait/s in order to log in to an application. Polish banks offer two kinds of biometric authentication methods, namely fingerprints and voice recognition. Voice authentication is offered by Meritum Bank and Smart Bank. Fingerprint recognition is available with mBank, Millenium Bank, Meritum Bank and ING Bank Slaski applications. Other banks have also revealed plans to implement these innovative techniques. It seems to be an absolute ‘must have’ in the near future, especially taking into consideration how mobile banking is getting popular in Poland: only in the Netherlands (58%), Great Britain (49%) and Spain (45%) there are more bank application users than in Poland (43%) (1).

The attractiveness of biometrics in Poland constantly increases. 64% of all our corporate customers already use a smartphone equipped with a system that enables logging in with a fingerprint. We have decided to introduce this method, as it guarantees the highest level of security and convenience while logging in via a mobile device.

Pros and…cons?

The technology is claimed to be the most comfortable method. Mobile users do not have to remember the numbers, codes or passwords. The only thing the user has to do is place the finger on the smartphone or utter a short phrase to the speaker. It is worth mentioning that almost half of internet users in Poland (47%) feel tired of remembering all the passwords (2).

Logging in using biometrics is not only quick and easy, but also extremely secure. It is impossible to falsify the original and specific touch or sound. There are special technologies which analyze even the fractional differences.

*Biometrics in banking - from Unbanked to Lifelong Customer – CROSSMATCH’s report, January 2014.

However, so far, few Polish banks adapted biometrics solutions. Additionally, mBank and ING Bank Slaski’s applications are, to date, available only for corporate customers. Furthermore, this technology can be used only for a couple of the most advanced smartphones on the market. Nevertheless, this does not change the fact that biometrics is a revolutionary step forward as a core of Banking 3.0.

(1) IPSOS report for the ING, conducted on 15 000 respondents from Europe, USA and Australia, 12.10.2015 http://www.cashless.pl/aplikacje/640-polacy-pokochali-bankowosc-mobilna

(2) TNS Polska’s report for the Nuance Communications, conducted on 1000 Internet users, 13.01.2015 http://www.algotech.pl/pl/nowosci/nowosci.html/276_644-nowy-raport-tns-biometria-g/1

About Marcin Gierlicz

Marcin Gierlicz, from Transaction Banking Department, works for mBank since 2006. He is a forward thinking Project Manager focused on Product and Customer. Succeeded at developing mBank CompanyMobile.

About mBank

mBank was the first internet bank in Poland. It is currently the leader in innovation and an icon of mobility on the Polish market. One of the largest and fastest growing financial institutions in the country, listed on the Warsaw Stock Exchange.