Biometric security has been booming in the financial services sector in recent years, and a new report from Goode Intelligence suggests that upwards trend is going to continue.
Entitled “Biometrics for Banking: Market and Technology Analysis, Adoption Strategies and Forecasts 2018-2023,” the report predicts that by 2020, more than 586 million bank customers will be using cloud-based biometric authentication across a range of applications, including phone lines, mobile-based onboarding, and even biometric ATMs that don’t require the user to insert a bank card.
Device-based biometric systems will also have an important role to play, however. As report author and Goode Intelligence CEO Alan Goode explains in a report summary, “This is not a debate about whether a bank should adopt a device-centric biometric authentication solution where biometric data resides on a device versus a server-side biometric system that always stores biometric data on a central server – it’s about what model or system matches a particular bank application or function.”
It’s a sentiment that has been echoed by biometrics specialists like Aware, Inc., and one that reflects the variety also seen in modalities. Just as neither on-device nor cloud-based authentication is completely dominating contemporary security frameworks, a range of biometric modalities are also being employed, with voice recognition currently popular in the call center and facial recognition playing an increasingly prominent role on mobile devices.
All told, Goode Intelligence’s report estimates that a whopping 1.9 billion bank customers will be using some form of biometric authentication – whether on device or cloud-based – by the end of 2020, projecting the ongoing ascent of banking biometrics.
September 24, 2018 – by Alex Perala