The mobile biometrics boom is underway and just getting started, at least when it comes to financial services. That’s the analysis of Goode Intelligence in a new report entitled Mobile Biometrics for Financial Services: Market & Technology Analysis, Adoption Strategies & Forecasts 2015-2020.
The market research firm estimates that over 120 million financial services customers were using mobile biometrics last year, primarily for user authentication and transaction verification, as can be seen in the many mobile banking apps now using fingerprint scanning for login, and in the major mobile payment platforms’ use of the same to authorize purchases. And as Goode Intelligence put it in a synopsis, this is a trend that is “set to continue and accelerate.” Goode Intelligence also points to emerging applications in ATMs, and calls mobile biometrics “an ideal solution” for the prevention of card-not-present fraud.
Looking to modalities, the usual suspects are highlighted—fingerprint, face, voice—as well as eye-based biometrics, including the kind of vascular technology used by the increasingly popular Eyeprint ID, and behavioral biometrics, which could be a major security component with its use in Google’s emerging Trust Score security on Android.
In other words, while the mobile biometrics boom is clear enough now, its momentum is only going to pick up along with further technological innovations.
May 30, 2016 – by Alex Perala