- A kind of scenario occurs countless times every day across the globe, causing friction and frustration across customers and businesses alike. However, a new generation of biometric authentication methods is emerging which could make this kind o experience a thing of the past.
Biometrics :
- The meaning of Biometrics comes from the Greeks. Biometry bio(life) + metry(to measure). Biometrics is the science and technology of measuring and analysing biological data.
- Biometrics refers to technologies that measure and analyse human body characteristics such as DNA, fingerprints, eye retinas and irises, voice patterns, facial patterns and hand measurements for authentication purposes.
What’s Biometrics in banking :
- Biometric banking systems check ‘what I am ‘ characteristics about an individual to verify their identity, whether they are making a purchase, logging onto their online account, or applying for a loan.
- These systems use factors such as fingerprint, iris scanner facial and vocal recognition to identify the individuals. They can replace or even enhance traditional identification methods such as PIN numbers, passwords, or paper ID. Biometrics in banking is already widely used, especially for logging into the internet and mobile services.
- Biometrics is becoming an ever popular feature of technology. If you your fingerprint or get your face scanned to unlock your phone , your identity is being verified with biometrics many times a day, on a regular basis. You m see how biometric payment isn’t actually such a stretch of the imagination, as many of us are already steeped in it.
- It has many benefits like it is secure , more convenient, reduce time spent on admin and customer onboarding. Biometric payment is a POS ( point of scale) technology that uses biometric authentication to identify the user and allow the withdrawal of funds from a bank account.
- With increase in the usage of smartphones for the purpose of shopping and utilising banking services, the companies have now started to leverage biometric technology payments and money transfers. According to Juniper’s study, mobile biometrics will authenticate in-store and remote payments worth $2 trillion by the year 2023. Juniper also highlights that the biometrically-verified mobile commerce transactions will constitute a massive 57% of total biometric transactions in 2023. Their contribution in 2018 was only 28%.
- Moreover, Juniper also estimates that around 90 percent of current smartphones.cl support facial recognition. Whereas, 80 percent of smartphones can support voice- authenticated payments. The study also predicts that more than 1.5 billion smartphones will use software-based biometrics technology by the year 2023.
Big Names adapting biometric technology:
- With increasing cases of frauds, the customers are no longer satisfied with or and passwords. That’s the reason why big names are Intel and Microsoft area with biometric authentication systems for their upcoming products. Biometric sing sign-on (SSO) is an advanced password management technology. It protects data from all unauthorised users. Companies like Microsoft and Intel encouraging and facilitating banks to enter the biometric space for all the mobile banking services.
- It’s hard to ignore that post COVID-19 pandemic: contactless payments card tapping, Apple Pay and QR cod businesses are trying to make them easier for customers.
The future is bright for biometric payment :
As consumers become increasingly accustomed to using biometric data to identify themselves, hence we can expect that fingerprints, iris scans, facial recognition and other methods will become the normal method for purchases both in person and online. The banks which will offer this option to customers, both in online and card devices, will stand out as an innovation, while also benefitted from reduced costs and enhanced security.
