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The Green Sheet

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Poll Central: IDs and Passwords Tops Mobile RDC Authentication Policies

Thursday, January 25, 2018 (RemoteDepositCapture.com / RemoteDepositCapture.com)

A combination of user IDs and passwords is the prevailing method of authenticating mobile RDC customers, according to latest poll data. Fingerprint biometrics and device registration are runner ups.
When it comes to authenticating mobile remote deposit capture customers most financial institutions seem to be relying on a combination of user IDs and passwords, according to a poll of visitors to RemoteDepositCapture.com. There appears to be movement toward more advanced methods of authentication, however, such as fingerprint biometrics and device registration.
 
RemoteDepositCapture.com continuously polls visitors in an effort to identify trends in RDC adoption, pricing, risk strategies and related topics. Each month a specific question is featured and visitors are encouraged to vote. This month, the featured question asked: What forms of authentication are used on your mobile RDC apps today? In all 86 votes were cast, of which nearly 42% indicated IDs and passwords were the authentication methods in place for their mRDC apps.
 
While user IDs and passwords have been authentication stalwarts in digital banking applications for some time now, there has been growing interest in newer methods of authenticating customers – methods that are less prone to compromise. User IDs and passwords, for example, can be compromised in data breaches. Against this backdrop, biometrics are gaining favor with FIs and customers, alike.
 
A recent study by AYTM Market Research found 86% of consumers are interested in using biometrics to verify their identities or make payments. The study, conducted on behalf of Visa, also found that 75% of consumers believe biometrics are easier to use and 46% believe they are more secure methods of user authentication than are passwords or personal identification numbers.
 
“Advances in mobile device features are increasing the accuracy and speed of biometrics, such that they can be used for financial transactions. At the same time, consumers are widely familiar and comfortable with using biometrics for more than just unlocking their phones,” said Mark Nelson, Visa Senior Vice President for Risk and Authentication Products. “For financial institutions the time has never been better to integrate biometric technology into banking apps.”
 
This month’s Poll Central results suggest FIs are getting the message. As the accompanying chart reveals, nearly 20% of those responding to this month’s featured poll question said their mRDC apps rely on fingerprint biometrics to authenticate customers. The third most common method is device registration, with 16% of the votes cast.




 
One reason for interest in biometric authentication may be the popularity of iPhones, which introduced the technology with phone models beginning in 2013. Data collected by Malauzai Software Inc., a provider of RDC and other digital banking solutions to community banks and credit unions, reveals iPhones are used more often than are Android devices to access mobile services at client FIs. The share of total active digital banking accessing services like mRDC with iPhones grew to 65% last year, while the share using Android devices slipped to 35%, from 40% in 2016, Malauzai reported.
 
Visit Poll Central and Vote
Poll Central is an ongoing feature of RemoteDepositCapture.com. It includes a dozen different polls that visitors are encouraged to participate in once a year. Each month a specific question is featured and visitors who haven’t yet cast votes on that question are encouraged to participate.
 
The poll featured in this article has been reset and can be taken again; we’ll report findings next year. In the meantime, click here to view and vote on all the ongoing polls including the featured poll for February:  For Mobile Deposit users, what is the value of Mobile Deposit to you, per transaction?
 


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