Fintech companies including robo-advisors, P2P payment apps, lending platforms, mobile-only banks and others are rapidly gaining traction by giving consumers faster, easier, and cost-effective access to financial services. In response, traditional financial services firms are increasing their investments in digital innovation.
For fintech, banking and other financial service apps, authentication is an extremely critical step in the user flow. A simple but insecure authentication won’t be trusted by users and may even lead to expensive breaches. Implement a highly secure but onerous authentication and users will abandon the login process or leave transactions incomplete. A seamless user experience is key, especially on mobile devices.
Application developers can use theNexmo Verify API to balance security with user experience. Verify enables SMS and voice-based phone verification with a single function call.
Watch our demo from FinDEVr NYC to see how all three factors – what a user knows (password), what a user has (device) and what a user is (biometric) can be combined to authenticate a user while providing a frictionless mobile experience.