Here’s the problem:
You want to be able to log into your accounts with the least amount of information. But you also want the highest level of security. Because of the need for security, banks and other financial institutions continue to add layer upon layer of security questions. That means lots of paperwork, forms, or data fields on a website.
In Fintech language you might call this the tension between fraud protection and user friction, or security and convenience.
But do you always have to choose between these two values?
Apparently not.
Or at least that’s what some fintech start-ups at Finovate brought to stage in their groundbreaking presentations.
New ways to validate your identity
New companies are creating alternative methods to ensure that you are the person actually logging in, through technologies such as biometrics, your smartphone, and your voice.
They’re not only trying to make your user experience easier, or almost invisible, but they’re also thinking about security in a much smarter way.
Alternatives to traditional passwords
Check out these solutions, so you can start forgetting your passwords (and still sleep at night):
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Anchor ID - This technology enables you to log in to any site that accepts Anchor ID with ONE single username, and absolutely no passwords. Unlike using the password Company1234 across all of your logins, AnchorID uses unique methods of identification that provide far greater security. To enable your customers to log in with Anchor ID, simply implement one of their APIs and SDKs.
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Toopher - This multi-factor authentication platform uses the location awareness of your smartphone to automate authentication for logins and critical actions. At Toopher, they’re changing the way that people think about online security, and they blew the Finovate audience away by explaining this experience with a drone on stage. Check out their business solutions here.
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Eyelock - The Myris device uses biometrics from iris scanning to unlock your computer or individual apps. The product is due to ship in 2014, so sign up on the wait-list to reserve a Myris. (I did!) See their product sheet for more information on their consumer and enterprise solutions.