Information & Communication Technologies


Biometrics in Financial Services, Forecast to 2022

Advanced Biometric Solutions Create a Secure Environment for Financial Transactions and Boost Customer Experience
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Published: 14 Sep 2017

Financial services industry has been remarkably disrupted by innovative technologies and new business models to-date. Customers are demanding more customer-centric, digital solutions and expect banks to create solutions that not only solve the problem of security but also increase the level of customer satisfaction. The pace of innovation is rapid in financial services, especially in biometrics. Traditional banks and start-ups are gearing up for taking banking to the next level by making their biometric solutions advanced and efficient. Some financial service companies are now offering real-time authentication for payment and money transfers through the mobile banking applications. These biometric solutions give opportunities to launch new products with easy authentication at a quick and wide pace. This study puts in perspective the existing trends for biometrics in financial services globally. The analysis will include the challenges for adopting biometrics, drivers for adoption with financial services. This study also provides an insight on all the biometric solutions that are in the market for financial services and their workflows. The analysis will include current challenges for adoption, a well-defined biometric solution workflow, and impact of biometrics on banking. This report also covers the top drivers and restraints that determine the adoption of biometrics. This report has a pictorial representation of the companies providing biometric solutions to financial services. Key Questions this Study will Answer • What is biometrics? • What are different ways to authenticate a payment? • What are the different biometric solutions that are available in the market for financial services? • Who provide these biometric solutions? • How are biometrics used for increasing customer satisfaction? • What are the challenges that impact the adoption of biometrics? • What are the drivers for the adoption of biometrics? • What are the top areas in banking that would get the best benefits from the adoption of biometrics? • What is vein authentication? • What is fingerprint scanning? • What is eyeprinting? • What is behavioural biometrics? • What is voice recognition? • How are biometric solutions being used in authentication? • How are biometrics used in branch banking? • How are biometrics used in KYC and customer onboarding? • How are biometric solutions being used in POS? • What are the different use cases for biometric solutions? • How are financial services organizations using these solutions? • What are the growth opportunities for financial services organizations by adopting biometric solutions? • What are the steps that a financial organization must consider before implementing a biometric solution? • How is eye scanning helping boost customer satisfaction and increased user experience in banking?

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