Finovate 2015, the Part Mobile is Playing in Fintech

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The financial sector is an almost perfect industry ripe for technical disruption. It is well financed, has many multifaceted requirements and the vast majority of us need it's services on a regular basis. The past couple of years has created a plethora of startups and product offerings to service the financial sector and the financial needs of consumers. It even has it's own buzzword, 'FinTech', to really prove it has arrived.

Finovate is one of the pre-eminent events for the FinTech space and holds yearly gatherings in Europe and the USA. Some developments in the FinTech space have interested me and many involve mobile devices and apps relevant to this channel. Thus I took a trip to London's Old Billingsgate Fish Market to get some ideas of trends, technologies and developments that may interest you.

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It makes no sense to expect a biometric product operated with a backup/fallback password to displace a password. A+B cannot be an alternative to A.

Biometrics would help for better security only when it is operated together with another factor by AND/Conjunction (we need to go through both of the two), not when operated with another factor by OR/Disjunction (we need only to go through either one of the two) as in the cases of Touch ID and many other biometric products on the market which require a backup/fallback password.

Incidentally, it is not possible to compare the strength of biometrics operated on its own with that of a password operated on its own. There are no objective data about the overall vulnerability of biometric solutions (not just false acceptance rate when false rejection is near-zero but also the risk of forgery of body features and the risk of use when the user is unconscious) and that of the passwords (not only that it may be as low as 10 bits or as high as 100 bits but also that it can be stolen and leaked.)

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Thanks for your comment Hitoshi!

I’m not entirely sure I understand your comment, probably because it’s a complex area! Are you saying that the current wave of technologies are not following the correct path?

Biometric would help for security if used wisely, only if used wisely. It is all that I meant.

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