Financial services are the frontline for innovation in Mobile ID. Payments, banking, money transfer, and cryptocurrency all demand strong levels of trust and assurance, and with the ongoing digital transformation affecting the financial sector, the mobile channel is entrusted with identity verification and authentication. Bridging physical and digital spaces, Mobile ID enables identity-based transactions with the utmost level of security, convenience, and privacy – whether it’s through an online retailer, a challenger bank, or a brick-and-mortar store.
Mobile wallets like Apple Pay, Samsung Pay, and Google Pay helped normalize the concept of using new technologies like biometrics enabled smartphones to pay at point of sale. And while the payments use case was relatively low risk, it paved the way for further innovation in finance, helping spur the rollout of contactless payment terminals and novel form factors like wearables and next-gen smart cards. As the COVID-19 pandemic accelerates the existing trend toward a cashless economy, these mobile commerce solutions are bound to become even more mainstream, with reports predicting an increase in biometric payment card adoption.
Digital onboarding, an integral piece of the Mobile ID equation, has also become nearly synonymous with mobile banking. Enabling users to enroll in services remotely, digital onboarding leverages document reading and face-based authentication to verify an identity without the need for human inspection. This obviously enhances the user experience, allowing for easy account opening, but it is also proving to be a great equalizer, empowering financial inclusion initiatives around the globe.
And that’s not all: behavioral biometrics are thwarting sophisticated types of fraud, liveness detection is protecting cryptowallets, and connected cars are integrating secure payments options for drivers. Identity is inseparable from finance, and as one evolves so does the other.