“Now that biometrics are accepted as the premium FinTech experience, we can get down to the real work,” said FindBiometrics President Peter O’Neill, addressing the audience for “Breaking the compromise between security and convenience” – the FindBiometrics panel at Money20/20 Europe.
Focused around the concept of ‘Identity First’, the panel brought together leaders in biometrics and mobile FinTech to discuss the new frontiers of convenience and security enabled by the proliferation of biometric authentication technologies. Naked payments, biometric smart cards and continuous authentication were all on the table for discussion as O’Neill moderated the conversation between top industry thought leaders: Clive Bourke, President, Daon; Christian Fredrikson, President & CEO, Fingerprints Cards; Dr. Tamaz Georgadze, CEO & Founder, Raisin; Nathalie Oestmann, Senior VP Strategic Marketing, Financial Institutions, IDEMIA; and Frances Zelazny, Chief Strategy & Marketing Officer, BioCatch.
The panel fielded questions concerning privacy, digital onboarding, quality assurance and continuous authentication. Questions from the audience kept the panel on their toes, requiring them to navigate some of the more controversial aspects of biometrics in the financial arena.
“The panel was quite challenging, which was good and made it more exciting, because of the format where we got questions during the panel from the floor,” said Daon’s Clive Bourke. “People were asking questions like: the data breaches that have been experienced recently, are people positioning biometrics as a silver bullet for that? And we had to answer why that’s not the case. People were asking questions about privacy and GDPR, and if that was restricting the adoption of biometrics, and we had to tease through that and why that was not the case. What the positives of that were.”
“The panel was interesting, with a lot of good questions,” he said.
While “Breaking the compromise between security and convenience” was a fully biometrics-focused presentation, strong authentication and post-password technologies are proving to be a key talking point at this year’s Money20/20 Europe. The conference kicked off yesterday with a keynote from Mastercard’s Ajay Bhalla, who underlined the importance of biometrics in his company’s security and trust initiatives, and a discussion between Consult Hyperion Director of Innovation Dave Birch and Biocryptology CEO Ted Oorbals exemplified how the proliferation of fingerprint biometrics has the potential to eliminate fraud.
Stay posted to FindBiometrics as we continue to bring you news straight from the nexus of financial identity: Money20/20 Europe.