Digital technologies have been a mainstay of our interactions with retailers, banks and each other during the pandemic
Whatever happens in 2022, these technologies will only become more central to our modern, daily lives.
Protecting these interactions from scammers, whilst balancing the ease of accessibility for genuine customers, is paramount. It’s up to technology companies and banks to implement the right tech to ensure this. Here are the trends they’ll be navigating in 2022.
An AI Bill of Rights will be central to opportunities for solutions providers
The US government is set to establish a new advisory commission on AI technologies next year. This is expected to be followed by an AI Bill of Rights in the US, with many other nations including the UK expected to follow. Legislation that limits the non-consensual scope and impact of AI on consumers is badly needed, as demonstrated most recently by accusations against Meta’s use of algorithms to prioritise engagement even on harmful content. Like the EU’s GDPR, a bill focused on consumer protections won’t limit innovation by AI solutions providers, so long as they obtain consumer consent. This will act as a shield against businesses who plan to use that data without disclosing it. We are likely to see regulations further refined in the years ahead as AI technologies continue to grow and become more sophisticated.
There’s no going back from the touchless revolution
While touchless technologies saw an increase in uptake during the pandemic due to their inherent hygiene, even after the pandemic is gone, we can expect them to stay. By introducing consumers to these technologies through touchless ATMs or QR code sign-in at hotels, for instance, service providers showed the public how much more convenient they are. When customers don’t have to manually navigate an interface, it makes services faster and easier. Most people won’t want to give that up even once the pandemic is over. In 2022, we’ll see more industries opting for touchless technologies, particularly airlines, arenas, and retail stores. In addition to decreasing wait times, biometrics-based authentication also prevents ticket fraud, an issue that’s been on the rise in recent years.
Big Tech will compete to control decentralised ID platforms
Devices and software are well behind us when it comes to Apple and Microsoft’s ever-competitive relationship. Now, the race towards creating a world-leading decentralised identity platform will be the one to win. Apple’s approach to decentralised ID has thus far been limited to customers within its own ecosystem, creating what some have called a “walled garden,” and hasn’t made decentralisation a major selling point of its offerings. Meanwhile, Microsoft made waves announcing its own decentralised system earlier in 2021, which in principle would allow a broader segment of businesses to use the service. If last year saw the launch and initial growth of these two platforms, 2022 will be the year competition really heats up to determine which approach and ecosystem customers choose for decentralised identity.
Digital consumers will be the primary focus for banks
Highstreet banks have suffered hugely during the pandemic, as consumers managed their finances online and fintech companies enticed many away from traditional banks. As a result, banks poured an influx of funds into their digital strategies to add more value for digitally-minded consumers. Off of the back of this success, banks will continue to push for more mobile-first, customer-focused technologies in 2022. These digital services will focus heavily on minimising friction to make apps faster and easier to access. Combining digital technologies with consumers’ trust in the banking industry will also provide opportunities for banks to explore newer and sometimes riskier financial services, such as decentralised finance, where consumer interest is growing.
Behavioural biometrics will be the future of authentication
We can expect the continual adoption of AI, including biometrics, for verification in 2022. This means that processes like secure online transactions will benefit not only from improved security but greater ease of use for genuine customers. According to new research from airports that have implemented biometrics systems in 2021, many consumers support these common types of identity verification, such as fingerprint matching. In the next year, we will hear more about behavioural biometrics and voice matching as these new methods enable people to more securely conduct business and transactions online.
About the Author/s
Written by Mitek’s CTO, Steve Ritter and VP, Sanjay Gupta. Mitek work with organisations on security, fraud prevention and compliance through biometrics and digital identity verification tech. Their solutions are used by more than 80 million customers and embedded into apps of more than 6,100. Through AI and machine learning, Mitek delivers identity verification and authentication.