A new report from Goode Intelligence makes a strong business case for biometric authentication.
Commissioned by Daon, the report is based on organization surveys and other research and analysis conducted by Goode Intelligence. The firm found that 56 percent of survey respondents reported reduced call center volumes; according to Goode Intelligence’s calculations, this produces an annual savings of $6.25 million for a bank with about five million customers.
Seventy-eight percent of respondents, meanwhile, reported that biometric authentication systems had delivered increased compliance with regulatory standards such as the Strong Customer Authentication requirement of the European Union’s PSD2 regulation. And 45 percent of respondents indicated a ‘very high’ level of agreement with the statement that their organization had seen an increased Net Promoter Score after deploying biometric authentication systems.
It’s a strong but unsurprising case for biometric authentication in the business sector. As report author and Goode Intelligence CEO Alan Goode explained in a report summary, “The benefit of biometric authentication is that it can balance both security and convenience without requiring a compromise of either.” And what’s more, a multi-factor solution can authenticate across a range of channels and departments, leading to considerable efficiencies.
It’s no wonder that so many large organizations, particularly those serving huge customer volumes such as banks, have embraced biometric authentication; and in laying out the business case for such solutions, Goode Intelligence’s report could help to further drive that trend forward.
September 12, 2018 – by Alex Perala