It has become more apparent, and more expected, that consumers have the ability to access and transact with their financial institution through any channel, at any time and based on individual needs and preferences. The continuous evolution of online and mobile banking has provided consumers with the ability to have this anytime, anywhere experience, but the tradeoff between securing access and providing a positive user experience seems to be at odds. Many consumers are surprised to learn that securing online and mobile banking with passwords not only creates a poor user experience, but does little to thwart cyber criminals. However, by embracing new approaches to authentication, security can be greatly enhanced while streamlining the user experience.
Mike Brynes, industry expert for Entrust Datacard, discusses