Mobile banking, however, is more acceptable than mobile wallets, and usage is expected to overtake desktop internet banking. Banks were asked whether mobile banking would reduce fraud. A massive 99% of respondents consider the attempt to be either essential or very important, while 63% believe that mobile banking will help. Surprisingly, only 36% believe that this is a priority for consumers themselves.
All of this is dependent on ‘trust’, trust that the user of the smartphone is the owner of the smartphone. Nearly half of those questioned, 49%, believe that voice biometrics has a role to play in tighter security by authenticating the user. One advantage that voice biometrics has over other methodologies is that it can equally be used on legacy mobile phones; that is, the pre-smart phone.