Identity verification firm Mitek predictions for mobile industry in 2016
Mobile capture and identity verification firm Mitek has released its four predictions for the mobile industry in 2016.
“Over the past year we’ve seen many advances in the mobile industry that will drive major transformations in areas such as mobile commerce, account opening, fraud detection and identity verification in 2016,” said James B. DeBello, president and CEO, Mitek. “We expect 2016 to be a year that technology delivers the user verification required for the mobile channel to operate safely and efficiently, while creating easy to use and engaging processes for end users at the same time. The value of this will be evident to both consumers and businesses in the months ahead.”
Mitek recently conducted a study of the impact Millennials have on the mobile banking and commerce industries and also spoke with leading financial institutions and mobile payment providers about recent changes in the mobile landscape and developed four major predictions for 2016:
1. Mobile account opening will exceed desktop account opening by 20 percent. Mobile capture technology has made the mobile account opening process 50 percent faster than the traditional method of data entry.
2. Biometrics will be mainstream. Mitek predicts that biometrics will be used for nearly 50 percent of mobile transactions including banking, shopping and enrollment in 2016.
3. Smart phones get better at fraud detection. Technology advances will make smart phones better than humans at detecting authentic identity documents and user identity, reducing fraud.
4. More mobile verification. Improvements in mobile technologies used to verify customer IDs in the mobile channel means that companies will be able to double the amount of approved customers by decreasing pending queues.
Biometric Update recently interviewed Mitek’s VP of Products, Sarah Clark, about its facial recognition platform.