Atom Bank Startup Offering Unique Biometric Payment Solutions
A new British bank is launching sometime later this year with a unique approach to online payments and security.
Atom Bank will provide biometric technology with its service for all authentication and payment services. The bank will not have any physical branches, instead offering online banking services accessible either through a web browser or smartphone.
The bank claims that the average Briton has 19 different passwords, but that up to one-third of those passwords are not strong enough.
Atom Bank is offering biometric authentication through face and voice recognition instead of a traditional password. The bank seeks to appeal to those who are worried about cyber attacks. Over the past few years, cyber attacks have increased in number, while the number of services and personal information stored on the cloud has increased dramatically as well.
Atom Bank released a series of statistics that underline the threat of cyber attacks and the vulnerability of financial services. Biometric technology has been touted as one of the most important financial technologies of the future, with analysts estimating that up to 1 billion smartphone users will be using biometrics on a daily basis by 2020.
Another recent report showed that executives both within the tech and financial sectors believe biometrics will be a deciding factor in the fintech race of 2016.