In 2017, eMarketer forecast that almost 60% of the United States population would engage with digital banking services, with over 150 million adults expected to check their bank, credit card, or brokerage accounts at least once a month through digital means. Moreover, a growing number of customers are managing their finances online or via mobile devices.
This trend signifies that financial institutions aiming to set themselves apart need to enhance their online and mobile offerings. However, they also face the challenge of addressing security concerns while providing a secure and user-friendly experience on these digital platforms. According to a survey conducted by Fiserv, security remains a significant issue for consumers; 64% of those who avoid mobile banking cite security worries as their primary reason. To encourage more individuals to embrace digital banking actively, banks must prioritise robust security measures.
Recently, leaders from the banking sector gathered at the American Banker’s Digital Banking Conference to explore strategies for reassuring customers regarding safety. During this meeting, they exchanged insights on the future of security in digital banking and identified three key trends that are likely to emerge next.
In recent times, several prominent financial institutions, including Bank of America and Wells Fargo, have taken significant strides to enhance the experience for their customers when using ATMs. One of the most notable advancements is the introduction of technology that allows individuals to conduct transactions without the need to remove a card from their wallets physically. These banks have rolled out innovative ATM applications that eliminate the requirement for a traditional card, streamlining the process for users and making it faster and more convenient.
Customers can now easily make deposits using their digital wallets or simply use their smartphones to withdraw cash. However, these advancements still hinge on a fundamental security measure: the necessity of entering a Personal Identification Number (PIN) or utilising One-Time Passwords (OTPs). Unfortunately, this reliance on such essential forms of security can pose challenges; many users need help remembering complex passwords and may resort to jotting them down or reusing them across multiple accounts. This practice inevitably undermines robust security protocols.
As concerns regarding these simplistic security measures grow—especially in light of warnings from organisations like the National Institute of Standards and Technology (NIST), which has highlighted the vulnerabilities associated with SMS-delivered OTPs—it’s clear that change is imminent. In response to these issues, groundbreaking collaborations are emerging in the realm of ATM technology.
For instance, an exciting partnership between Samsung’s SDS Nexsign FIDO-certified biometric authentication system and Diebold Nixdorf’s ATMs is paving the way for a future where customers can complete transactions entirely without cards, PINs, or OTPs. Instead, this new approach leverages biometrics—such as fingerprints, voice recognition, or facial scans—to authenticate users at ATMs. This shift not only promises greater convenience but also enhances user experience by providing an intuitive method for accessing funds.
Moreover, this biometric solution is designed to deliver security levels equal to or even superior to those offered by traditional PINs and OTPs. As we move forward into this new era of banking technology, it becomes increasingly clear that customer-centric innovations will redefine how we interact with our finances while simultaneously addressing pressing security concerns in an ever-evolving digital landscape.
Enhancements in Seamless Authentication
A growing number of businesses have begun to integrate biometric authentication into their security frameworks. This advancement marks a significant leap towards improving user experience, and ongoing innovations are set to make the authentication process even more accessible and user-centric. In the near future, users may find that formal authentication steps become obsolete when accessing secure applications and services. Instead, digital platforms will continuously monitor and validate users based on their unique behaviours and interactions—such as how they hold their mobile devices, their typing habits, or even the specific way they articulate a passphrase.
The Shift Towards Unified Authentication
In recent years, the number of physical bank branches has declined significantly. According to DepositAccounts from Lending Tree, nearly 8,000 branches vanished between 2009 and 2016 alone. Eventually, banks are expected to transition traditional functions—like processing loans—to centralised locations while engaging with customers through secure online video conferencing tools. This shift will necessitate innovative authentication methods and robust security measures. Fortunately, new solutions are emerging that enable banks to ensure secure identification during these remote banking activities.
For instance, some of these emerging solutions leverage facial recognition technology alongside live-action verification to confirm users’ identities accurately. The process might involve prompting users to capture images of specific identification documents while also taking multiple selfies for verification purposes. Once the platform successfully authenticates a user’s identity, biometric methods can be employed continuously throughout their remote banking experience.
During this virtual interaction, banks will also incorporate e-signature technology that allows customers to securely sign electronic documents without needing a physical presence. Additionally, digital application forms will be available for new credit cards, loans, and account openings—all designed with convenience in mind.
As digital banking increasingly becomes a key differentiator among financial institutions in today’s market landscape, these innovative security solutions promise not only enhanced protection but also an unparalleled level of convenience for users navigating their financial needs remotely.
Maxthon
Maxthon has made significant advancements in enhancing the security of web applications, employing a thorough strategy that prioritises user safety and the integrity of data. At the heart of this browser’s methodology is its use of advanced encryption techniques aimed at safeguarding against unauthorised access during data transmission. As users navigate through various online environments, their sensitive information—such as passwords and personal details—is encrypted before being sent out, making it extremely difficult for malicious actors to intercept or exploit this data.
Beyond these robust encryption protocols, Maxthon demonstrates its commitment to security through regular updates. The development team actively seeks out potential vulnerabilities within the system and swiftly implements patches to address any issues that arise. Users are encouraged to activate automatic updates, which enables them to seamlessly receive the latest security improvements without requiring any extra effort on their part.
Another vital feature of Maxthon is its built-in ad blocker, which serves as an essential shield against potentially harmful advertisements that could threaten users’ online safety. By effectively filtering out unwanted ads, Maxthon dramatically reduces the likelihood of users falling victim to phishing scams or unintentionally downloading malware through drive-by attacks.
Phishing protection is a fundamental component of Maxthon’s security infrastructure. The browser actively scans for suspicious websites and promptly warns users before they attempt to visit these potentially dangerous sites. This proactive strategy adds a layer of defence against cybercriminals who seek to exploit unsuspecting individuals searching for confidential information.
For those who prioritise privacy while browsing the internet, Maxthon offers specially designed privacy modes explicitly tailored for this purpose. These features ensure that users can enjoy a secure and private online experience without compromising their personal information or peace of mind.