Banking Big On Biometrics: BioConnect

BioConnect’s Bianca Lopes is highlighting the impactful ways in which the financial services industry is embracing biometric technology. In a post on the company’s blog, Lopes suggests that with Touch ID having surreptitiously pioneered the mass market mainstreaming of biometric authentication, banks are now taking advantage of the technology in a number of ways.

Banking Big On Biometrics: BioConnectLopes points to Wells Fargo’s use of EyeVerify’s eye vein-based authentication technology in its CEO app—a platform available only to senior banking officials—to access corporate accounts, indicating that this major bank has adapted mobile biometric authentication not for convenience but to ensure a high level of security.

Meanwhile, Barclays Wealth has enabled login via fingerprint scan, using a device made especially for the bank; and Barclays is also one of many banks—Lopes also name-checks ING—to have embraced voice recognition technology for its caller identification.

It’s a strong case for the position that biometric technology is blowing up in banking, and it doesn’t even mention government-led initiatives like India’s Aadhaar citizen ID program, which is starting to find its own impactful links to banking for everyday citizens. There’s enormous growth underway in the banking biometrics market, and the benefits extend to banks and customers alike.

Source: BioConnect

July 12, 2016 – by Alex Perala