Unisys predicts small and mid-sized banks to expand biometric and AI use

Fintech startups and advances in voice-powered AI will drive an increase in biometric authentication and chatbot use to improve the speed and security of customer experiences, Unisys predicts.

Banks will shift towards an integrated, omnichannel approach to financial service delivery in the coming year, and will do so by leveraging advances in security and predictive technology, Unisys says, which will bring biometric authentication into the mainstream. Citing Unisys Security Index findings that American consumers are more concerned with the risk of identity theft and bank card fraud than their own personal safety, the company predicts that financial services organizations will make greater use of behavioral biometrics collected from smartphone or tablet use, like the force users apply to the screen, swipe angles and typing speed. Combining behavioral biometrics with more traditional authentication methods like fingerprints or iris scans will provide greater assurance of the identity of people making transactions.

“We expect continued high-profile cyberattacks will keep security concerns top-of-mind,” said Eric Crabtree, global head of Unisys Financial Services. “Those banks that take additional steps to protect their customers’ data, like tapping into behavioral biometrics for their customers, while also embracing new tools like identity-based microsegmentation to encrypt and protect their networks on the back-end, will be well-positioned for success in the year ahead.”

Unisys also predicts that chatbots will deliver quality assistance in real-time, with advances made possible by the creation of 90 percent of the world’s data in just the past two years, according to data management company Domo.

Partnerships with tech companies could also enable small and mid-sized banks to transform how they go to market, and give them access to the technologies they need to compete with fintech firms and big banks.

Unisys launched its digital banking software platform Elevate by Unisys last year.

Article Topics

artificial intelligence  |  banking  |  biometrics  |  trends  |  Unisys