Biometric authentication is a technology that analyzes an individual’s identity with options like fingerprints, voice, face, retina or iris, vein infrared thermo gram, or a combination of these identifiers. Therefore, it was once a form of cutting edge technology used to see in futurism movies, but now it becomes a crucial part of our everyday life. Whenever we get a new passport, a photo, and a signature need to be taken on a document or a fingerprint is to be scanned to unlock smartphone devices. Therefore, the use of biometric technology is accelerating in the app development companies, and so on. Thus, the biometric technology has given an added layer to the security, but with the increasing rates of reported fraud, numerous financial institutions are being pressured to implement stronger security solution, and biometrics seems to be a most feasible option.
As a million customers are moving towards digital platforms for their banking needs, so fraud has become a significant concern for financial services. According to the survey by "Grand view research" the global biometric authentication market is expected to rise over the next five years, where the market size of biometric is supposed to reach $25.59 billion in the next six years, as well as we will see a lot of growth in the banking sector. So, here some of the given significant market trends which we will continue to see during the growth period of biometric technology in the banking sector:
Passwords aren't reliable anymore
While many banks ensuring that their customer data is safe or secure, but 95% of web attacks make use of stolen passwords where most of these attacks happen because of human factor, since the majority of customers pick unsafe passwords with an easy, predictable layouts or create complex ones which they can remember only with the help of some hints. So, such customers can become an easy victim for hackers, which in its turn becomes a serious weak point for the overall bank’s security system.
Fingerprint sensors are one of the popular form' of biometric authentication used in many mobile devices worldwide, and as per the survey report, over 64% of mobile app development company will be using biometric authentication as a security system. So, a growing number should be considered as an opportunity by the banks instead of their barrier.
Security and Convenience
Currently, numerous banks started investing in mobile banking development, but the adoption rates of the new services are not as expected. Therefore, as per the latest statistics, 43% of mobile phone owners with a bank account using mobile banking, but it mainly depend upon the customer concerns about mobile banking security. Thus, biometric authentication has all the chances to become a convincing proof of the high-security standard for mobile banking applications.
More than one option
There are numerous modes of biometrics authentication which institutions can adopt like voice retina, heartbeat, facial recombination, etc. However, the HSBC recently introduced a fingerprint and touch id sign-in to its banking app with many other banks to follow. Therefore, this helps in eliminating the pain of remembering passwords and suffering the dreaded account lock after too many password attempts. So, by using this new technology user get enhanced user experience and security.
Multi-Factor for Powerful Security Assurance
Using pin and passwords as a sole security option position consumers as easy targets for fraud because many organizations considering multi-factor authentication by combining fingerprints with retina, facial, or voice recognition. Therefore, it makes difficult for the hacker to hack customer accounts, and mobile banking users will be likely to see biometric identification paired with PINs and passwords for two factored authentications.
There are numerous application development company in USA and across has followed this methodology for their business for the security purpose, to authenticate their user at ATMs as well as online mobile banking. Therefore, this type of authentication mainly relying on the user like positioning or lighting of the face, and it also helps to make low effective security option.
So, for wrapping up Biometrics technology has taken a significant step in our lives by increasing the security of our data made each and every transaction secure. Therefore, if banks combine the commonly used passwords with biometrics, then it can also help you to bring a two-factor authentication system which is considered to be the most secure method to prevent data breaches in the banking sector.