Stakes, realities, and challenges when it comes to Biometrics Applications in the Financial and Banking Sectors

Key data from biometric industry are widely indicating that, the market shift is occurring faster than initially anticipated, with global revenues for biometric banking technology expected to top $4 billion by 2021, according to ABI Research.

In effect, one can observe that, the new biometric banking applications specifically target millennials; a generation quick to adopt the new technology.

A growing set of agile startups and powerful leading payment card players are integrating biometrics into mobile payment services, smart cards, and ATMs to improve banking security and authentication through innovative form factors.

For instance, Mastercard has already integrated facial biometrics into its arsenal allowing users to pay using selfies.

In effect, banks worldwide are adopting fingerprint, voice, and facial recognition for personal banking. 

Atom Bank is testing the limits of mobile services through its biometrically-fueled, online-only banking approach. And Diebold and Eyelock recently partnered to deliver an iris recognition ATM that leverages NFC and QR technology via the users’ smartphone devices.

The ever-increasing vulnerabilities are still at the center of primary concerns; so that, sensor and device manufacturers, algorithm designers, SDK and app developers, and information security providers will face significant challenges moving forward.

Banks and banking service providers will need to assure their clients that their data is being stored and managed efficiently.