Sunday, June 23, 2024

Fintech Spotlight on G+D with Quintin Stephen at Money20/20

FF News spoke to Quintin Stephen, the Global Business Lead at Giesecke+Devrient at Money20/20 Europe at the RAI in Amsterdam. It was an insightful chat about how they’re working to drive effective authentication solutions to improve onboarding and security.

With passwords on their way out and biometric authentication becoming more established, the question is how we can make this more frictionless. There is also talk about how passkeys are replacing passwords and the need to move these away from being device specific.

“Customers do expect some kind of friction and it depends on what they’re doing… but you don’t want too much because you lose customers. The challenge we’ve had is banks haven’t been able to adapt to changes in authentication. Why can’t I go to an ATM and use my fingerprint with my card instead of putting in a number?”

“With passkeys the key is not linked to the device, which means I can move my key from one device to another. But we’re not yet at the gold standard of authentication so we need to take it a step further.”

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