Money & Banking

How biometrics is changing the face of banking

Press Trust of India Dubai | Updated on January 24, 2018 Published on June 23, 2015

biometrics

Biometric will soon be the new norm in the banking sector which will bring in a noticeable change in the mobile banking space, according to experts.

The implementation of biometrics in banking will be discussed here at the Middle East Banking Innovation Summit on September 14-15.

Industry reports indicate that the global mobile payment industry will witness an average annual growth of 35 per cent over the next four years and will reach $721 billion in 2017.

The new technology that will soon be the norm in banking is biometrics will bring in a noticeable transformation in the mobile banking space, a statement from the organisers of the industry event have said.

This technology essentially uses characteristics that are unique to an individual for identification purpose, and helps combat identity theft by replacing passwords and help in authenticating transactions.

While it is still in its infancy, banking institutions across the world are considering deploying this technology for mobile devices to offer a heightened customer experience and provide a secure banking experience.

A few of the global banks and financial institutions have piloted programme integrating biometrics technology — voice-controlled mobile applications, fingerprint identification and retina recognition systems — thereby allowing customers to access their online accounts via a mobile application.

An industry study forecasts that by 2017 over one billion customers will be using banking services through biometric systems and by the year 2020, biometrics will become the predominant identity authorisation method for accessing bank services.

Published on June 23, 2015
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