BioConnect Highlights Factors Driving Banks’ Embrace of Biometrics

Canadian bank Tangerine has brought Eyeprint ID biometric authentication to its mobile app for user login, illustrating an ongoing trend that has seen numerous financial services institutions embrace biometric login and security—and BioConnect is taking the opportunity to explain why. In a new post on the company’s blog, BioConnect’s Brett Mueller highlights a few key factors.

BioConnect Highlights Factors Driving Banks' Embrace of BiometricsOne major factor is cost, with technological and market advances having considerably reduced the expenses previously associated with biometric technologies. “What seemed to be a luxury before, is now cost competitive and readily available,” Mueller says; and indeed, banks are turning to biometrics not only via inexpensive implementations such as embracing Touch ID, but also through large-scale deployments bringing voice-based authentication to their call centers.

Another major factor is a shift in customer attitudes that has seen end users move away from an apprehensive attitude toward one that embraces biometric security. Mueller rightly credits much of this shift to Apple’s pioneering work with its Touch ID system, which has normalized biometric security for a great many mass market consumers. And connected to this is the factor of convenience, with consumers increasingly doing their banking and even payments on their mobile devices, and many enjoying the ease-of-use associated with mobile biometric authentication.

Of course, the major factor underlying all of this is security, a key concern to businesses and customers alike. For BioConnect’s part, the company aims to offer all such benefits through its comprehensive, scalable platform—one that could prove appealing to many financial services organizations as the industry’s interest in biometrics continues to rise.

Source: BioConnect Blog

June 9, 2016 – by Alex Perala