January 31, 2017 -
In a recent blog post, EyeVerify summarized the key biometrics-based product launches in the financial industry for 2016, as well as made a couple of predictions regarding the biometrics in banking for 2017.
For fingerprint products, Touch ID saw considerable progress in 2016 with dozens of banks deploying the technology including Bank of Scotland, BBVA Compass, Deutsche Bank, Fifth Third Bank, HSBC, Lloyds Bank, Mashreq, Santander USA, and Standard Chartered, along with many regional and community banks and credit unions.
Last year also brought along an improvement in fingerprint solutions for Android devices. The increased availability of Android devices with fingerprint technology led to more banks launching Android fingerprint authentication features, including ABN AMRO, JP Morgan Chase, OCBC, and several regional and community banks and credit unions.
The use of facial recognition in banking significantly expanded in 2016, driven mostly by MasterCard and its “Selfie Pay” solution (via Daon).
A few banks also launched a face recognition feature including Atom Bank, Banco Inbursa, Gulf Bank, Nequi and BNP Paribas (2017).
Last year also saw several banks launch voice recognition solutions for call center/phone banking authentication including Barclays and Citi. More banks are expected to follow their lead in 2017.
The report also notes that there were only a few launches of voice authentication specifically for mobile login, and no launches that included voice authentication for mobile without another biometric option.
EyeVerify also reveals that over 50 financial institutions offered the company’s Eyeprint ID authentication solution to their customers, making it the most-integrated biometric software for mobile banking authentication.
These launches include Yapi Kredi, Alipay, Wells Fargo, and several regional banks and credit unions.
The blog post also notes that several banks have launched face and voice together (particularly by those using Daon’s platform), while other platform vendors like BioConnect, HYPR and Onegini are offering the ability to integrate multiple biometrics at once.
EyeVerify also made two predictions for 2017. The first forecasts that there will be two key advancements in the use of biometrics in financial services.
The first will see the use of biometric technology move beyond merely being a replacement for mobile banking passwords.
The company forecasts that 2017 will see more launches of biometrics for other functions, including step-up authentication for riskier activities (payments or money transfers), out-of-band/second factor authentication (replacing the current SMS-based second factor authentication), and cardless cash withdrawal.
EyeVerify also predicts that the importance of security will take precedence over the choice of different biometric devices with different capabilities.
The improvement of various sensors (fingerprint, camera, microphone) on devices, along with the advancement of solutions will see the emergence of new solutions that offer biometrics for improved security and user experience.
The company states that “choice won’t go away, but the options will be multimodal and far stronger.”
In a separate release, EyeVerify announced that Turkey private bank Yapı Kredi has become the first bank in Europe to use Eyeprint ID for mobile login.
In addition, European banking group UniCredit has become the first bank in the world to offer Eyeprint ID for cardless cash withdrawals.
EyeVerify and its reseller/distributor partner Ölçsan worked with the banks to achieve the capabilities.
Ölçsan has enabled Yapı Kredi to integrate EyeVerify’s eye-based mobile biometric software Eyeprint ID, into its mobile app.
Yapı Kredi customers can update their Yapı Kredi Mobile app to access Eyeprint ID. Once the app is downloaded, customers can simply look into the mobile device’s camera to quickly access banking information and make transactions.
EyeVerify CEO and founder Toby Rush said last month that the tipping point for biometric authentication for mobile banking may have already arrived, based on the observation of financial institutions currently achieving their user experience and security goals with biometric implementations.