How Banks Are Using Data To Protect Consumers' Privacy
From fingerprint and facial scanning to voice-activation log-in, banks are implementing several different personalized authentication tools to cultivate consumer trust in the institution and to ensure users that their information remains secure
As brands increasingly use data-driven models to create better, more customized user experiences, consumers worry about privacy issues. This pain point is of crucial importance in the financial services industry, where the protection of consumer data is not only preferable but an area of primary concern.
Banks now are rolling out various identification tools to cultivate consumer trust. By allowing customers to create their own security questions, use consumers’ speech and voice patterns and even use Apple’s facial recognition tool to verify their identities, brands reassure users that their information is safe. Here are three new features that financial institutions are integrating into their mobile apps to create more seamless and secure customer experiences: