Biometric Systems to ensure safe and convenient online banking experience

Biometric Technology is evolving gradually and may soon capture most of the industrial sectors namely, health, defense, retail, government, real estate, and others. Although the technology is at a very nascent stage it has gained popularity worldwide. It may soon change many traditional practices of using pins, passwords and current security methods. The technology is convenient and easy to operate for the end users of the technology. Allied Market Research published a report titled, “Biometric Technology Market- Global Opportunity Analysis and Industry Forecast, 2015–2022” that explores key aspects of the market such as the market share, size, and growth. Leading industry players such as Standard Chattered are venturing into making the most of what the technology has to offer. Safe and protected user experience is the ultimate goal and the Biometric technology may have the answer to solve this problem. 

Biometric technology to ensure high security and safe banking experience

Online banking and payment portals are currently trending. The service offered is quick and reduces time. However, there are security concerns surrounding it even today. Customers are forced to think twice before entering the security code or the password that enables these kind of cashless transactions. There is a risk involved which reduces the credibility of the service. Further, if an individual misplaces their card, it can easily be used to carry out transactions by an unknown third party although they are protected by security pins and codes but are still vulnerable.

Standard Chartered is planning to dish out fingerprint and voice biometric systems across Asia, Africa, and the Middle East. Clients will gain safe and secured access to their bank details, transactions, investments and cards after using their fingerprints or voice.  This technology is already active in Singapore, India, and the UAE and will soon be introduced in China, Hong Kong, Malaysia, Pakistan, and other African markets by the end of 2016 after getting approval from the local regulatory body. The bank is also shaping up to launch the voice biometric technology for phone banking and other phone services in India and UAE. The technology will identify the voice of the user on the phone and proceed forward with the process after recognizing the right user. This will ensure a safe and secured banking experience to the customers. Karen Fawcett, Standard Chartered’s CEO of Retail Banking said, “Fingerprint and voice biometric technologies give our clients more convenience and security when they want to access their bank balances , cards and investments, wherever they are and whenever they want.” The ultimate aim of introducing this technology is safe and secure user experience which was a concern for customers dealing with usernames and passwords which is also known as touch login. 

Biometric systems will soon have a strong presence in Asia

The new technology has seen an upward curve as far as the number of users engaging in the technology is concerned. Japan, a country known to introduce and adapt to new technology will soon be a huge market. 1:1 biometric identification is more commonly used to unlock smartphones and other electronic devices. In this system the device identifies only a single fingerprint. But the plan is to explore the possibilities of 1:N in Japan which it identifies a single fingerprint from a database of multiple fingerprints. 

A Japanese startup, Liquid Inc. has introduced its very own biometric system that allows customers to pay using their fingerprint. The company along with assistance of telecommunication operator KDDI Corp came up with a unique service which allows clients to register their credit cards and fingerprints in their system. After completing the registration process one can simply use their fingerprint to shop, rent a car, or check in to their hotel. This system is backed by the Japanese government—hoping to introduce this technology by 2020 throughout the region. If this service meets with the required security standards, it will surely be a huge hit. The company is currently planning to introduce their system to Sri Lanka and the Philippines. 

Bank cards to use biometric technology

Traditionally, cards used to carry out bank transactions did not feature the biometric technology. Today, new regulations to monitor card payments using finger authentication are introduced. This makes the whole process convenient and secure. Payments Association of South Africa (PASA), with an alliance with Visa and Mastercard, announced the introduction of standardized specification to ease out biometric authentication. Walter Volker, CEO of PASA quoted, “Biometrics have been around for many years, but they have never been adopted in the payments space.” This will not restrict customers from another bank to use their system. Fingerprint technology has improved over the years and shown promising results. The technology has also become affordable and thus it is possible for feasible and reliable user authentication using a fingerprint. 

Biometric systems at airports, a relief for passengers

Passengers have often complained about the long ques and waiting time at airports. Passenger identification is very important to ensure safety. The automated biometric identity system, launched by Tascent will soon be integrated with the existing systems to solve the problem mentioned. The iris recognition systems at airports identify and assist in identifying passengers. The air travel industry is keeping an eye on Tascent’s mobile solutions which has an in-built passport reading ability. According to Geoffrey Lipman, President of the International Council of Tourism Partners (ICTP),” For too long, air travel has been characterized by long lines and frustrating identity checks. Automated biometric identity is shifting the tide towards a positive, secure travel experience.” The technology will soon be implemented and tested in airports worldwide and may soon become an essential part of the air travel industry.

The technology will soon feature in multiple industry verticals in the near future. The demand for the same is on the rise as security is a crucial factor in the modern world. Digitalization has boosted the growth of the market and the trend is here to stay. Government and non-government organizations are turning to biometric technology to ensure safety and security which will encourage market growth. The demand coming from the airport security and vehicle checkpoints for iris identification will supplement the growth of the market. The report published by Allied Market Research covers all the important parameters related to the biometric market and is a valuable source of guidance for individuals and companies seeking information about the market. 

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