Industry executives and experts share their predictions for 2022.  Read them in this 14th annual VMblog.com series exclusive.

Touchless Technology, Digital Banking and Biometrics

By Sanjay Gupta, VP Global Head of Product and Corporate Development, Mitek

2021 was an important year for the world of digital identity verification. The COVID-19 pandemic drove an acceleration in the adoption of identity verification due to an all-time high number of users relying on digital services. Most businesses had to transform the way they operate on every level, from how they ensure a safe working environment for employees to how they provide a more seamless, digital experience for customers. This year, get ready to be more recognized than ever, as airlines and new industries, like concerts/sports arenas, and retail stores and public transportation, adopt biometrics-based, touchless authentication to verify identities.

Touchless technology will gain adoption in new industries 

Technology designed to reduce friction in consumer behavior and improve overall user experience will continue to see adoption, and in more sectors than years past. We've seen airlines begin to rollout touchless airport technologies to speed passengers through airports, as well as mitigate any safety and health concerns related to COVID-19. In 2022, we'll see more airlines use touchless technologies, as well as new industries like concert/sports arenas, public transportation, retail stores and more. In addition to decreasing wait times in lines, biometrics-based authentication significantly decreases the likelihood of ticket fraud and theft, making it more reliable and safer than traditional ticketing systems.

Banks will focus more than ever on the digital consumer  

COVID-19 has drastically changed the way banks operate and accelerated how these institutions have incorporated digital technologies into their operations. During the height of the pandemic fears, consumers transitioned from in-person banking to online and mobile banking to manage their finances. As a result, banks poured an influx of funds into their digital strategies to add more value for consumers, and in seeing the success of those efforts over the past two years, will continue to push for more mobile-first, customer-focused technologies in 2022. 

These digital services will focus heavily on making apps faster and easier to access for real-time updates for customers. Combining a focus on digital technologies with consumers' longstanding trust in the banking industry will also provide opportunities for banks to explore newer and sometimes riskier financial services, such as decentralized finance, where consumer interest is growing.

Voice and behavioral biometrics are the future of authentication  

The use of AI, including biometrics, to verify identification and support secure online transactions will continue to expand throughout 2022. According to new research from airports who implemented biometrics systems in 2021, many consumers support these common types of identity verification, such as fingerprint matching. Over the next 12 months, we will hear more about behavioral biometrics and voice matching as these new methods enable people to conduct business and transactions online more securely. 

2022 will likely see the next phase of AI-based authentication rolled out across other airlines and banks, but this is just the first step towards biometrics being utilized in every industry where personal identification is required. This enhanced layer of security will be critical for companies moving forward to thwart potential security threats and protect sensitive data from hackers, as the U.S. dealt with an all-time-high number of cyber-attacks in 2021.   

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ABOUT THE AUTHOR

Sanjay Gupta is Vice President, Global Head of Products and Corporate Development at Mitek. He is responsible for global product strategy, identity verification innovation, and fraud prevention solutions to keep customers safe in an increasingly digital economy. Prior to joining Mitek, Sanjay was most recently Vice President of Corporate Development at Accelrys, a life sciences software company providing solutions from research and drug discovery to manufacturing. He has also held senior level corporate and engineering positions with Lockheed Martin and Corvis Corporation. He has a Bachelor of Science degree in electrical engineering from the University of Arizona and received his MBA from The Kellogg School of Management at Northwestern University.