November is coming to a close and with it we bring Financial Biometrics Month at FindBiometrics to its conclusion. The theme of the month was pervasive, extending from the pages of our featured articles section and flooding into our conference coverage and industry news. There is a lot to look back on in biometric finance this month, so let’s get started.
As usual, we kicked off our featured look at FinTech and biometrics with a special primer on the topic. Because of all of the traction that strong identity tech has gained in the financial markets—hanks in large part to the advent of smartphone mobile wallets that leverage fingerprint sensors—taking a snapshot of the biometric commerce sector in this way is particularly useful. Only four weeks after the primer was written, some major developments have changed the market landscape once again.
Read through our Financial Biometrics Month Primer to get a sense of where we started only four weeks ago:
Banking And Biometrics
For our second featured article of the month, we examined the increasing role that biometrics are playing in the world of banking. We looked at why certain transactions are best served by specific modalities, and the reason why adoption in the banking sphere takes a little longer to get rolling than it does in the world of payments.
Biometric banking was in the industry news too, with British banks wanring Apple Pay users to ensure that only their fingerprints (and not the prints of family members or friends) are enrolled on iPhones that are used to enable biometric payments. We also reported on a community bank in Pennsylvania that has incorporated biometrics into its new, futuristic branch.
Fingerprints tend to take up a lot of the public’s attention when it comes to many biometric deployments, and financial applications are no different. That said, biometric commerce is actually enabled by a great range of modalities. In week three of Financial Biometric Month we shed the spotlight on various modalities that work together across a number of channels to make payments and banking more secure and convenient.
Financial Biometrics Month started in the wake of Money20/20—a major finTech conference in Las Vegas—and as such we were still unpacking the biometric happenings from the event. In addition to printing some final words on how big biometrics were at this year’s Money20/20 we also posted exclusive videos featuring some of the strong authentication exhibitors.
Mobile Wallet Wars
As we enter the holiday shopping season the mobile wallet wars are heating up. In November we saw new research that predicted an increase in the use of such technologies, which inevitably equates to an increase in biometrics usage. Building on this wave of festive biometric mCommerce we saw Apple Pay and Samsung Pay both make moves in expanding internationally, with the latter also gaining support from new card issuers.
Rounding out the festivities, we reported on the 2015 Sesames Award winners out of Cartes, which underlined key trends in the future of payments. We also saw Visa trailing a finger-vein based payment method called FingoPay, while receiving confirmation that MasterCard’s biometric focus has been paying off with fiscal success.
Thank you for joining us throughout the month of November for our featured look at financial biometrics. The conversation doesn’t end here: follow us on Twitter and tweet with the hashtag #FBFinTech to keep the discussion going.
November 26, 2015 – by Peter B. Counter