Trends for biometrics in financial services
05 February, 2016
category: Biometrics, Financial
Goode Intelligence has identified key trends in its Biometrics for Financial Services analyst report, including biometric ATMs, mobile payments and others.
There are five trends from the series that look at biometric adoption across financial services:
- First, biometrics will replace or supplement the PIN at ATMs. This will include either card-less transaction with biometric scanners embedded into ATMs, using the mobile device as a biometric authenticator, having a biometric plastic card with a biometric sensor integrated into it for match-on-card, or having biometric data stored on card with customer presenting biometric at sensor integrated into ATM for match-on-card
- Contactless mobile payments offered by Apple, Google, Samsung, PayPal, Alipay and traditional payment scheme providers will use biometrics
- Rising Card-Not-Present fraud tackled by mobile biometric user authentication and step-up transaction verification
- Wearable payments to support biometric modalities that are fit for the device; including heart rate (ECG) and behavioral
- Multi-modal biometric authentication to become da-facto for mobile banking apps
Goode Intelligence’s Biometrics for Financial Services series includes three separate analyst reports that details the adoption of biometric technology across a wide range of financial services and includes a deep-dive investigation into biometrics for banking, payments and mobile:
Key forecasts from the series include:
- By 2020, there will be over 622 million mobile banking app downloads that support biometrics for customer authentication and transaction verification
- Almost 160 million wearable devices supporting biometrics for banking by 2020
- By 2020, biometrics will secure over $5.6 trillion of payments
- 350 million customers used biometrics for payment security during 2015
- A billion users of mobile biometrics for financial services by 2020
