It is predicted that by 2020, nearly all smart devices whether they are phones or tablets or other forms of devices, will have some form of biometric security enabled in them. This is also the time when personal banking using the bank’s mobile app will throw online banking out of the arena.
Another report states that by 2020, 1.9 billion people will adopt biometric technology for financial purposes like ATM withdrawals, proving their identity in the banks or accessing banks through their smart phones and authentication for mobile bank applications. In 2023, biometric technology for banking alone will generate $4.8 billion.
According to CACI, in 2018, more than 22 million people used mobile bank apps to access their bank accounts. By the year 2023, this figure will have increased to around 35 million people. With the powerful combination of mobile banking and biometric security, customers feel safer and more confident about the security.
Even though this technology is not perfect, it is still a better option than the traditional methods. Combining both physical and behavioral aspects of biometric technology is playing a key role in user experience. Customers all know that passwords and PINs can be hacked or stolen. But biometric recognition is unique and if you combine it with behavioral recognition, it becomes more secure and fool-proof.
Biometric recognition is unique and relies on encryption and algorithmic measurements which cannot be replicated or reconstructed. Blockchain technology is proving to be an addition to security.
If someone is trying to impersonate or mimic you with a photo or voice synthesizers, then liveness detection and behavior technology will come into play to prevent phishing attacks and frauds. Multi factor biometrics like combinations of facial recognition, voice recognition, behavior recognition or fingerprint, put together can help protect bank accounts and transactions.
After fingerprint technology, facial recognition, voice recognition comes behavioral biometrics. It is the fastest growing of all the biometric technologies. It is a passive technology as it doesn’t need its users to stand in a certain place or place their eye at a certain location. Behavioral identification or recognition usually involves people carrying on with what they are doing in a natural way. It monitors a customer’s behavior during the visit and detects out of the ordinary behaviors. It does that by detecting gestures, patterns, speed, flow, among other things.
Smart phones are the ideal choice for personal banking. With the kind of technology they offer, they are fast becoming the obvious channel for banking. In 2018 a study by the banking trade body UK Finance reported that there were around 5.5 billion log-ins to banking apps in the previous year. When mobile banking was in its infancy, it only allowed people to check their balances and view any recent transactions. But now, these apps are used for all kinds of banking related purposes like setting up a standing order, transferring money into someone else’s account, and other money management tasks.
Now that biometrics are being used in almost every field imaginable for security purposes like education, healthcare, automation, IoT, aviation, financial services, people are becoming more and more familiar with these technologies and are accepting the fact that biometrics are here to stay.