BFC Bulletins Monthly News Digest
As the younger generations’ comfort with technology begins to drive market realities and set expectations of what is (or at least should be) possible, it seems inevitable that mobile device-based biometrics will increasingly be used for authentication purposes. This is likely to extend to financial institutions and their requirements to fulfill know-your-customer (KYC) requirements. This has spurred a race among many FinTechs to be among the first to adopt biometric KYC solutions as they seek to gain an edge in a very competitive market. For example, MoneeMint is partnering with Trunarrative to implement smoother, digital-first customer experiences (including those related to meeting regulatory requirements). Not to be outdone, Monese has partnered with Veriff to add biometric security to its onboarding and authentication processes. These examples are being seen with a number of FinTechs around the world. It seems that FinTechs are now beginning a biometric race to thrive.
