Has Biometric Banking Finally Arrived?

by Joseph Walent 0

The widespread of integration of biometrics in banking is indeed a reality for most consumers that are taking advantage of mobile banking applications on their smartphone or smart pad devices. Mobile banking apps that had previously required a password to access account data have increasingly been adopting the fingerprint recognition that is intrinsic to current and recent production devices. The application of facial recognition software to existing surveillance system would in some cases be a non-invasive way of adding another layer of identity verification, as outlined in the article.

Biometric solutions could also be deployed in branches, replacing the need for customers to produce photographic identity documents. This might be most applicable to supporting more significant transactions – such as withdrawing a large sum of cash, or authorising a transfer – rather than for all branch activities. And reports from America suggest that such an offering often appeals to older people, who appreciate how the technology can make banking transactions easier to conduct.

Mercator Advisory Group recognizes the potential for Financial Institutions to be repositories of consumer identity verification data and authorization service as the speed of digital transaction fund transference accelerates to realize a “real time” ideal. Our latest research on biometrics and their influence on payments and banking may be found in Behavioral Biometrics Will Restructure the Authentication Landscape in the Next 5–8 Years.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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