Biometric authentication to benefit the financial services industry

In September 2013, Apple started including biometrics in its smartphone. Since then, its functionality has been limited to a minimum security check. Right now, it only enables users to unlock their devices and verify purchases through iTunes.

Nonetheless, with the upcoming addition of Touch ID, it is just a question of time before the full potential of biometrics in smartphones will be valued.

Biometric authentication to benefit the financial services industry

This new biometric application aims to simplify the identification process for services such as medical assistance, identifying personnel of connected industries, and financial services.

Digital banking also has the opportunity to be on the cutting edge of the biometric revolution, which will mean the end of the password as we know it. Banks have already started taking steps in the right direction by providing SMS authentication. Nonetheless, consumers still have to remember and manually introduce multiple passwords, which can sometimes pose problems.

According to a recent report by Forrester, consumer concerns about security are the first barriers to wider adoption by the mobile banking community. Recent research shows that more than half of UK consumers would like their banks to use more innovative methods to secure their banking data, including fingerprint scanners, which are already being used to authenticate mobile payments in Japan.

Identification applications such as Touch help improve personal security. Once biometric authentication is launched on the market, it is hoped that other makers will follow suit. As pressure mounts to provide the highest levels of security and service, the race will be on to see who is the first to apply the technology to mobile banking.


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