Today, during our SME Banking Club webinar, together with Wiktor Jaszczak (Facephi) we discussed Biometrics and how it can help in the creation of a smooth customer experience during the process of digital customer journeys, and also the advantages of the usage of biometric solutions compared to other methods. In the context of SME customers, of course.
This May we finished a joint Study, which gave several insightful numbers to analyze and think about:
- 45% of financial companies in the CEE region implemented digital customer onboarding for SME/business customers. It’s a great number! It correlates very much with our annual SME Banking studies we do on the functionalities of Online and Mobile banking for SMEs, including the possibility of purely digital customer onboarding. It shows a 10% increase compared to previous years, and we do see a lot of announcements this year about this and that bank’s implementation of digital customer onboarding.
- The next interesting number shows that 36% (of the ones that implemented digital customer onboarding) use biometrics in that process (primarily face recognition).
- 50% of customers who started digital onboarding don’t finish it mainly because of the long process. I experienced such a process myself when I couldn’t scan my face from the very first time in some applications and when it asks to scan it once again, wink or blink every time you use it – you skip it.
- Our general statistics say that 70% of the financial organizations in the region implemented biometrics for transaction authorization. And the very good news is that 70% of the customers actually use it, which means we’re moving toward passwordless authorization.
- If we go to fraud prevention and the role biometrics can play in preventing it, our research reveals that 77% of financial organizations encountered different types of fraud during the last 2 years, among them 41% of organizations encountered identity theft, and 21% – account takeover. These are the areas where biometrics can help make it much more difficult for fraudsters to access sensitive data.
- 57% of financial organizations plan to implement biometrics in their digital processes during the next 2-3 years. The preference in this region’s financial organizations leans towards Software-as-a-Service (SaaS) and hybrid models of biometric solutions.
You can find more details in our joint Biometrics Study (for the CEE region), which you can download here.
Watch the full webinar below: