Banking's biometric future

Abstract

Biometric technology will soon be the norm in the banking sector. According to Acuity Market Intelligence 1 , physical credentials such as cash and bank cards will disappear over the next decade or so as the uptake of ‘virtual credentials’ – iris, voice, finger vein – becomes entrenched by 2030. By 2025, Acuity predicts that standard authentication for trillions of transactions will be biometric. Overall, the reason for this is that while the public recognises that data security is increasingly important, they worry that passwords and PINs are not fraud proof – and biometrics answers this by delivering a faster, easier and more secure authentication process. More specifically, biometric technology adoption is accelerating because of a shift away from external feature recognition towards internal (for example, from voice to vein recognition) which offers a more streamlined and palatable customer experience.