Biometric Banking Pioneer Climbs FinTech Rankings

“The bank’s app uses facial and voice recognition for customer authentication, a move that is likely helping to raise the company’s profile as a FinTech pioneer.”

Online-only financial institution Atom Bank has moved up the Fintech 100 rankings. It has now climbed from 8th to 6th on the ranking compiled by H2 Ventures and KPMG Fintech.

Biometric Banking Pioneer Climbs FinTech RankingsThe bank doesn’t have any physical branches, opting instead to serve customers via a mobile app. And on that front, it’s relying in large part on biometric technology to help protect its customers. The bank’s app uses facial and voice recognition for customer authentication, a move that is likely helping to raise the company’s profile as a FinTech pioneer.

That authentication technology comes by way of Daon’s IdentityX platform, which has been embraced to provide biometric mobile security for financial services institutions ranging from the military service member-oriented credit union USAA to global financial giant Mastercard.

It’s all part of a larger shift underway to biometric banking, with increasing numbers of consumers getting used to the idea of using their phones for everyday banking, and mobile biometrics for authentication security. Atom Bank is clearly at the forefront of this wave, but it’s fair to expect more such institutions to climb the FinTech ranks soon.

Source: ChronicleLive

November 23, 2016 – by Alex Perala