Biometric technology is going mainstream in the world of banking and payments, says Morpho (Safran). In a statement on its website, the company highlighted the results of a Mobey Forum survey conducted last year.
An industry association of which Morpho is a member, the Mobey Forum consulted 235 survey participants, 59 percent of whom worked in financial services institutions. In a recently published white paper based on the survey, Mobey Forum concludes that biometric technology can add value to services requiring accurate identification, such as insurance and e-contracting, and that when used in mobile applications, “biometrics offers considerable benefits, especially with regard to user experience.”
Mobey Forum also concludes that “[t]he vast majority of banks intend to implement biometrics in the relatively near future, just as the number of handset manufacturers planning to integrate biometric capabilities into their devices rises,” adding that over a billion users will access banking services via biometric authentication by the year 2017.
Indeed, these trends are playing out quickly: Biometric authentication was a huge hit at last autumn’s Money20/20 conference and is expected to be a major draw once again at Money20/20 Europe next month; and we’ve seen major financial sector players developing their own biometric identification solutions, with MasterCard’s Identity Check, for example, already starting to roll out. Meanwhile, Morpho itself has been working with Visa to test out new biometric payment solutions. It’s an exciting time for biometrics and FinTech.
March 29, 2016 – by Alex Perala