December 8, 2015 -
The European Association for Biometrics (EAB) announced that over 45 banks and other financial institutions participated in its recent three seminars on ‘Biometrics for Banking and Payments’.
The seminars took place in Frankfurt, London and Amsterdam, the last of which was held on November 26.
The main takeaway from the EAB seminars is that biometric technologies are quickly becoming a significant element of various identification and authentication processes within the financial services industry.
The seminars emphasized user convenience, along with instilling confidence in financial institutions about the identity of the user.
In most cases biometrics is not presented as an identifier, but rather as a convenient tool to add the physical person to the chain of authentication tools in an environment that otherwise is fully digital.
Using a number of case studies and demonstrations, the seminars highlighted the combination of biometrics and smart devices is helping to create a range of innovative and user friendly client experiences.
Over 45 banks and other financial institutions have participated in EAB seminars, including ING Netherlands, Rabo Bank, SNS Bank, Binck Bank, ABN AMRO Bank, Deutsche Bank, BaFin, DKB, Commerzbank, AXA, Deutsche Kreditbank, Lufthansa AirPlus Servicekarten, German Association for Banks, Bundesverband Volksbanken, Raiffeisenbanken, Bank of Tokyo, Tesco Bank, Boursorama Banque, Royal Bank of Scotland, Tesco Bank, Santander, Lloyds Banking Group, Credit Suisse, Metro Bank and Barclays.
Other major area addressed in the seminars was how depending on the kind of application, biometrics such as behavior, voice and face are capable of performing continuous authentication without the user having to conduct any further action.
With the choice between on-device or off-device processing as well as the type of biometric modality to be used, the seminars questioned whether banks would eventually consolidate these options or if this variability would contribute to ensuring a specific use of the technologies for different scenarios.