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Javelin Strategy releases report on biometric impact on banking

A report released by Javelin Strategy & Research this week about banking authentication claims that both financial institutions and their business customers have a high interest in using biometrics.

According to the report, seven out of 10 business banking customers told Javelin Strategy & Research that they would use biometrics to secure their accounts.

About 44 percent of all consumers are drawn to financial institutions that consider taking such robust measures to ensure people are who they say they are.

According to Javelin, the more technology-driven a consumer is, the more likely that consumer will use banks and card issuers that embrace biometrics. Javelin’s research found that 48 percent of online banking customers favored such measures, along with 54 percent of mobile banking users. While the report found that 35 percent of customers would opt to use fingerprint recognition technology, Javelin’s research found that voice and facial recognition would be primary methods of authentication with most financial institutions.

“Voice and facial recognition will be the long-term biometric winners,” said Alphonse Pascual, an industry analyst who monitors security, risk and fraud at Javelin. “Voice will launch first, as it’s more mature and easier to implement in the financial services industry, especially in the mobile banking channel. Financial institutions can easily layer voice biometrics with other authentication methods to make them more robust than they are as stand-alone authentication measures.”

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