When the pandemic started, the traditional operations of numerous industries were challenged. Among the most affected are the financial institutions. However, this is not the first time banking operations have been disrupted. When many financial industries started adopting Financial Technology (“FinTech”), it has disturbed the traditional operations systems of banking providers. But what is FinTech?
FinTech is a technology developed during the 1990s but could only attract consumers and investors in 2015. This technology seeks to improve and automate the delivery and use of financial services. Furthermore, this innovation aims to assist companies, business owners, and consumers in managing their financial operations better and more efficiently.
The popularity of FinTech has continued to thrive. According to Ernst and Young’s 2019 Global FinTech Adoption Index, the adoption rate for FinTech has skyrocketed from 16% in 2015 to 64% in 2019. Moreover, the acquisition of FinTech has surged even more during the height of the pandemic in 2020.
Still, despite the convenience that FinTech provides, it has one major drawback – passwords. For the longest time, passwords have been among the root causes of cybercrimes. Criminals can quickly hack password-protected accounts, making this outdated authentication method ineffective. Because of this, tech developers have introduced a more updated verification protocol called the MFA or multi-factor authentication.
The benefits of multi-factor authentication include utilizing email accounts or SIM cards for OTPs as additional security. However, while these steps helped make accounts more secure than before, cyber attackers were quick to keep up. They were able to find new ways to hack and scam users, especially in this modern era where almost every transaction is done online.
That being said, FinTech must start deploying passwordless logins in compliance with the FIDO2 authentication standards for a more robust verification process. FIDO2 utilizes cryptographic keys and biometric identification to replace passwords to make passwordless logins possible.
This is just a brief introduction to how FinTech innovators can eliminate conventional authentication methods and replace them with passwordless ones. To know more about this, read this infographic by authID.
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