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Mitek Predicts Jump in Mobile Account Openings
Mobile will win the account opening race in 2016, overtaking desktop account opening by 20 percent in 2016, predicts Mitek.
The mobile account opening was just starting a year ago when BankMobile, a division of Consumers Bank, started accepting pictures of driver’s licenses as acceptable identification for someone to open an account. BankMobile recently reported that 100,000 people had opened accounts, and now other financial institutions are starting to accept new account openings via mobile.
Sarah Clark, Mitek vice president of product systems, told Mobile Marketing & Technology that the mobile phone makes scanning a driver’s license a more secure way of opening an account than presenting the same license to a branch employee because the scanning technology can inspect the license at a deeper level than the human eye can.
“Mobile account applicants will get the respect that they should,” Clark said.
Other Mitek predictions for 2016:
- Biometrics will become the norm: 2016 will be the tipping point where advances in security, maturity and user experience will lead to the mass adoption of biometric authentication in the mobile channel. Biometrics will be used for nearly 50 percent of mobile transactions including banking, shopping and enrollment in 2016. In addition to fingerprint technology, facial recognition will become more commonplace, Clark says.
- Smart phones get smarter than people when it comes to fraud: Advances in computer vision will make smart phones better than the human eye when it comes to spotting authentic identity documents. As a result, online and mobile technology will become as good, if not better, than humans at verifying a user’s identity, bringing fraud losses down 15 percent in the mobile channel next year. This will help reduce what Javelin Strategies estimates to be $2 billion lost from new account fraud.
- Real applicants get the respect they deserve in the mobile channel: In 2016, improvements in mobile technologies and data analytics used to verify customer IDs in the mobile channel will enable companies to double the amount of approved customers through the mobile channel by decreasing their pending queue. This will result in a 50 percent increase of real applicants being approved for accounts.
Source: http://mobilemarketingandtechnology.com/2015/12/23/mitek-predicts-jump-in-mobile-account-openings/
