Biometrics is nothing but a measuring physical characteristic to verify one’s identity, was once a form of cutting-edge technology seen only in futurism movies now it is becoming a large part of our everyday life. Whenever we get a new passport, a photo and signature need to be taken on documents, or a fingerprint is to be scanned to unlock smartphone devices. The use of biometric technology is growing exponentially of user authentication in industries such as mobile app development companies, government, retail, and now financial services.
Biometric technology gave an added layer of security beyond the simple password, characteristics of a person, including voice, handwriting, fingerprints, face, retina or an iris of the eye. Where biometrics still has its faults banker are increasing their user experience for the mobile banking of their users.
An Overview of Biometric
As millions of customers moved onto digital platforms for their banking needs, fraud has become a major concern for financial services. According to the study by Grand View Research, the global biometric authentication market is expected to grow significantly over the next five years. Biometrics of market size is expected to reach $24.59 billion in the next six years, and we will see a lot of growth in the banking sector. Here are some of the major market trends we will continue to see during the growth period which will impact the adoption of biometric technology in the banking industry.
Passwords are no more definitive
When many banks are ensuring that their customer data is safe, or secure still customers will be a risk of fraud. Such companies as Microsoft and Intel are beginning to recognize the pressing need for vital security and building biometric authentication systems into their future products.
Biometric single sign-on is a password management technology that protects data from unofficial clients. These type of forward-thinking companies are giving way for banks to enter the biometric space for mobile banking.
According to the research reports, over 30% mobile app development companies, will be using biometric authentication as a security system in a year. A growing number should be considered as an opportunity by the banks instead of a barrier. If mobiles can have this technology as a security measure, why can’t banks?
Security and Convenience
There are distinctive methods of biometric confirmation which foundations can embrace, for example, unique mark, voice, retina, heartbeat, facial acknowledgment, and so forth. HSBC as of late presented unique mark and contact Id sign-in to its portable keeping money application with numerous different banks to pursue. This takes out the torments of recalling passwords and enduring the feared record bolt after an excessive number of secret word endeavors also with this innovation, clients are given more prominent accommodation and security.
Acts as a Boon
Where their biometric authentication provides many benefits, there are still many questioners unwilling to adopt this new technology. Which is because of the face-threatening remark such as storage or privacy concerns, like any safety process. After releasing the Apple iPhone 5S with the fingerprint sensor, consumers have become comfortable with biometric authentication, also the fingerprints now have become a mainstream alternative to PINs or passwords.
Biometric identification can be obtained on mobile devices either through its built-in biometric sensors or attaching portable biometric hardware to it via a USB cable or through a wi-fi connection. Here are given following biometric authentication methods that banks are already taking advantages.
It contains more than 200 unique points of data which are saved in the institution’s database. Iris scanning is the most reliable way of authenticating identity.
Voice identification is the best if we compared with another when it come for authentication mode. HSBC has introduced to voice identification mobile apps and ATMs to allow complete there transactions without asking their password or cards.
Numerous mobile app development companies in Chicago have followed a methodology for their business for the security purpose which helps to authenticate their users at ATMs, as well as online or mobile banking. It is a type of authentication which is relying on the user like positioning or lighting of the face also help to make low effective security option.
Fingerprint scanning is the one which is accessible for authentication of mobile devices worldwide.
Vein Pattern Scanning
Vein pattern scanning is depending on the pattern of your veins in the palm, fingers, and eye to verify users. The vein patterns of each person are as unique as their fingerprints, which is not as easy to replicate. Now in the present financial sector, people are aware of the security which never gives assurance with any reliable method still have to choose vindication to protect their clients as well as themselves.
Biometric technology has taken a definite step in our lives it has expanded the security of our data, made each transition secure also has increased the velocity of a process in many supplications of our daily lives. In future we may see helping people for their medical health and following accordingly with that we may see where PINs no longer used for ATMs because of the biometric scanners.
Biometrics, a form of measuring physical characteristics to verify one’s identity, was once a form of cutting-edge technology seen only in futurism movies now it is becoming a large part of our everyday life. Whenever we get a new passport, a photo and signature need to be taken on documents, or a fingerprint is to be scanned to unlock smartphone devices. The use of biometric technology is growing exponentially of user authentication in industries such as mobile app development companies, government, retail, and now financial services.
The emergence of biometric solutions provides an added layer of security beyond the simple password, characteristics of a person, including voice, handwriting, fingerprints, face, retina or an iris of the eye, or a combination of these identifiers. While biometrics still has its faults, many banks are turning to this technology to enhance their user experience for mobile banking by offering users more security and convenience.