July 1, 2015 -
Mobey Forum has released the results of an industry survey that finds that the financial services industry must set aside competition and collaborate on biometrics to ensure consistent, easy and convenient services for end users.
The survey explores the banking industry’s current attitudes toward biometrics, along with the key use cases, industry drivers and challenges.
Of the 235 banking executives surveyed from around the globe, 22% of banks said they are currently offering biometrics to their customers while 65% said they are planning to offer services in the near future.
More than half of respondents said they plan to launch fingerprint biometrics for their end users, while 21% said they are focusing on voice recognition.
Meanwhile, 70% of respondents said they consider authenticating the user during the login process and during payment or transaction confirmation to be the most important use case for biometrics in financial services.
In regards to key drivers for the use of biometrics, nearly half of respondents stated that it is the convenience for their customers, along with the desire to be viewed as an innovative and advanced bank, which makes biometrics appealing.
In terms of challenges, 20% of respondents highlighted dependence on technology providers as an issue, followed by privacy concerns.
“Biometrics in financial services still face challenges,” said Sirpa Nordlund, executive director of Mobey Forum. “It is clear, however, that progress is being made and there are well defined use cases and benefits to moving forward.
“We believe that inter-bank collaboration will expedite the development of this technology and 42% of the market agrees with us. Successful financial solutions need to be easy and convenient; a collaborative approach will ensure consumers are presented with stable and consistent services, driving adoption.
“We will continue our discussions around biometrics both within our own working group and in our collaborative discussions with the Natural Security Alliance and the Biometrics Institute. We look forward to releasing further analysis in the coming months.”
Previously reported, Mobey Forum, along with Natural Security Alliance and Biometrics Institute, hosted an afternoon event that explores the opportunities, obstacles and breakthroughs in mobile banking biometrics, held in Paris on July 1 from 1:30 – 5:30 p.m.