# How can banks overcome the tech trust gap?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-11-25
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: How Banks Can Build Customer Trust in New IDV Technologies
Meta Description: Learn how banks can bridge the trust gap with customers and promote the benefits of biometric authentication for enhanced security in this era of rising fraud
URL: https://financedigest.com/how-can-banks-overcome-the-tech-trust-gaphtml

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_![Sanjay Gupta, SVP and MD, Mitek](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/567-1736814811825-compressed.jpg)_

_By **Sanjay Gupta,** SVP and MD, Mitek_

People are depending on their banks more than ever in this tough economic time. Rising levels of fraud and scams along with the uncertainty of new identity and verification (IDV) technology is increasing suspicion amongst consumers. There is also a reliance on traditional, risky digital access methods like passwords, as well as a lack of education on the benefits of a more secure [technology like biometrics](https://www.financedigest.com/the-rise-of-biometric-technology-in-banking.html "The rise of biometric technology in banking").

Interestingly, consumers are more than happy to embrace the convenience and security of tech in most spheres of life, as evidenced by the video doorbell and wireless home security camera [markets soaring](https://www.financedigest.com/dollar-soars-to-two-decade-high-as-putin-shakes-fx-market-ahead-of-fed.html "Dollar soars to two-decade high as Putin shakes FX market ahead of Fed"). But when it [comes to something as sensitive as our finances](https://www.financedigest.com/professionals-in-the-finance-sector-say-they-want-their-personal-data-edited-or-deleted-when-gdpr-comes-in.html "Professionals in the finance sector say they want their personal data edited or deleted when GDPR comes in"), the trust gap becomes evident.

A recent survey from YouGov and Mitek found that 79% of customers want [banks to adopt the latest technology](https://www.financedigest.com/6-technology-trends-banking-2019.html "6 Technology Trends for Banking in 2019") to keep their accounts safe, yet only 35% of mobile banking app users have set up face biometrics to log in. This technology is proven to be the most secure option for login and [banks should begin to promote its ease](https://www.financedigest.com/bank-shares-rise-after-credit-suisse-rescue-eases-crisis.html "Bank shares rise after Credit Suisse rescue eases crisis") of use, as well as prove the security of biometrics to their customers. Should the tech trust gap continue to widen, the industry runs the [risk of facing](https://www.financedigest.com/euro-zone-economy-faces-growing-risk-of-recession-survey-shows.html "Euro zone economy faces growing risk of recession, survey shows") a market-driven stalemate in their research and development.

So, how can [banks win customer](https://www.financedigest.com/communicating-with-the-customer-is-the-future-of-mobile-banking.html "Communicating with the customer is the future of mobile banking") trust in new IDV technologies?

**Recognise gaps in knowledge**

To start, we need to help [customers understand that passwords and basic multifactor authentication](https://www.financedigest.com/how-strong-customer-authentication-can-prevent-cart-abandonment.html "How Strong Customer Authentication can Prevent Cart Abandonment") (MFA) are no longer enough to protect them from fraudsters. MFA attacks are at their highest level ever, with 113 million in the first 90 days of 2022 alone. Cybercrime groups are deceiving targeted users to [generate codes and approve access](https://www.financedigest.com/cardstack-launches-application-to-simplify-access-to-token-generation-events.html "Cardstack Launches Application to Simplify Access to Token Generation Events") requests, often bombarding users with repeated requests until they give in.

Customers can be reluctant to add [steps to their login process and question why their passwords are not sufficient to protect](https://www.financedigest.com/4-steps-you-should-be-taking-to-protect-data.html "4 Steps You Should Be Taking To Protect Data") them from scammers. What they might not understand is a password is merely just one mode of authentication. Passwords do not authenticate identity, they just provide [access to an account](https://www.financedigest.com/assetz-capital-launches-new-90-day-access-account-bonus-cashback-offer.html "Assetz Capital launches new 90-Day Access Account with bonus cashback offer").

The best way to make an account more [secure is a multi-modal approach of biometrics and passwords](https://www.financedigest.com/ai-is-the-new-password-security-and-ease-for-finance-users.html "AI is the new password: security and ease for finance users ") which allows a person to prove – both – who they are and what they know.

Biometric authentication offers high security and assurance, as well as a convenient and fast user experience, simply scanning a [customer’s face](https://www.financedigest.com/talk-to-me-the-changing-face-of-customer-communications.html "TALK TO ME :THE CHANGING FACE OF CUSTOMER COMMUNICATIONS") for entry without the need to remember codes or passwords. Every person has a unique set of biometrics that are very hard to fake or steal and act as an added layer of security between them and someone [trying to break](https://www.financedigest.com/eu-meets-to-try-to-break-gas-price-cap-impasse.html "EU meets to try to break gas price cap impasse") into their device or app.

**Be aware of the [customer trust](https://www.financedigest.com/how-to-maintain-customer-loyalty-and-trust-in-the-face-of-a-pandemic-and-digital-competition.html "How to maintain customer loyalty and trust in the face of a pandemic and digital competition") gap**

Despite the clear [benefits of IDV technology](https://www.financedigest.com/five-industries-benefiting-from-multi-carrier-sim-technology.html "Five Industries Benefiting from Multi-Carrier SIM Technology"), many customers remain wary of it. According to the Mitek and YouGov research, this trust gap is evident among all ages, though it is particularly prevalent in older generations; 80% of those over 55 don’t have [biometrics set](https://www.financedigest.com/biometrics-set-to-fuel-another-financial-sector-revolution.html "Biometrics set to fuel another financial sector revolution") up, just relying on vulnerable passwords. This suggests a lack of education in cyber hygiene and awareness of the benefits of biometrics in securing [bank accounts](https://www.financedigest.com/are-banks-ready-for-the-new-accountability-regime-in-2016.html "ARE BANKS READY FOR THE NEW ACCOUNTABILITY REGIME IN 2016?") – which needs to change.

To [bridge the trust gap](https://www.financedigest.com/bridge-the-gaps-in-big-data-and-cross-into-a-world-of-growth.html "Bridge the gaps in Big Data – and cross into a world of growth"), customers must be aware of the technology used for identity verification and be able to understand how it works. Customers are familiar with traditional identity verification processes, which would require paper documents, and standing in long queues to [meet at banks](https://www.financedigest.com/banking-stability-worries-go-behind-closed-doors-at-imf-world-bank-meetings.html "Banking stability worries go behind closed doors at IMF-World Bank meetings") face-to-face. But now, to ensure compliance without losing customers along the way, banks turn to biometrics, [artificial intelligence](https://www.financedigest.com/artificial-intelligence-in-banking-robo-advisors-and-beyond.html "Artificial Intelligence in Banking – Robo Advisors and beyond") (AI) and machine learning (ML).

[Digital identity verification technologies](https://www.financedigest.com/digital-technology-and-startups-during-a-recession-how-to-stay-afloat.html "Digital Technology and Startups During a Recession — How to Stay Afloat") can complete this process in minutes on a mobile device, as new customers take a selfie and a photo of their ID document. The ID document is then checked by AI for signs of forgery, ‘matched’ against the selfie, and ‘liveness detection’ ensures that the selfie is being taken there and then. What’s more, thanks to ML, the technology learns to recognise more [signs of forgery over time to further improve security](https://www.financedigest.com/allpay-signs-with-eckoh-to-secure-telephone-payments.html "allpay signs with Eckoh to secure telephone payments").

[**Closing the trust gap**](https://www.financedigest.com/closing-the-sustainable-investment-gap.html "Closing the sustainable investment gap")

Making login processes simpler for people does not [mean that it will open](https://www.financedigest.com/open-banking-what-it-means-for-you-and-the-industry.html "Open banking: What it means for you and the industry") the floodgates for cybercriminals to attack. It can be challenging to get consumers to make the move from ‘something you know’ to ‘something you are’, so [banks must](https://www.financedigest.com/why-finance-professionals-must-bank-on-a-journey-to-the-cloud.html "Why finance professionals must bank on a journey to the cloud") make the process of setting up biometric security easy and stress-free to encourage uptake. More investment is also required to give people confidence and [educate them about the benefits of these cutting-edge technologies](https://www.financedigest.com/how-video-technology-continues-to-boom-in-the-education-sector.html "How video technology continues to boom in the education sector") without putting them off.

Ultimately, finding the ideal balance between security, education, and a seamless [customer experience](https://www.financedigest.com/how-will-open-banking-impact-the-customer-experience.html "How will Open Banking impact the customer experience?") is the key to closing the tech trust gap.


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