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Using biometrics to marry trust and convenience in the banking world

Author: huifan   Time: 2017-08-21

Last month, a new survey of UK consumers found a growing appetite for the use of biometric methods to access and authenticate online banking services. In particular, it found that consumers would prefer to use fingerprint recognition than the traditional methods of passwords or memorable questions, which have been undermined by ongoing data breaches and hacking scandals.
The news is unsurprising given the well-publicized difficulties consumers have in remembering ever more complex passwords for the range of online services they subscribe to, and the enthusiasm with which they have home security devices greeted the first mainstream applications of biometric technology. Ever since the iPhone electric lock 5S introduced its fingerprint reader back in 2013, consumers’ appetite for biometric security options has soared, with global shipments of smartphones with fingerprint sensors expected to reach over 1bn units by 2018. Crucially, the technology hasn’t just been used to unlock devices, but also to authorize mobile payments - whether in an online app store or a biometric reader real physical retailer - meaning that many consumers now associate fingerprints with simple, fast, secure transactions.

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