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Market for biometric banking and financial services to exceed $8B by 2020: report

Global Industry Analysts has announced the release of a new report on biometrics for banking and financial services markets, finding that the total market is set to exceed US$8 billion by 2020.

According to GIA, the market leading up to 2020 will be driven by an increased emphasis on protecting financial transactions from fraud and security breaches.

Findings from the report, Biometrics for Banking and Financial Services, include that Asia-Pacific represents the largest as well as the fastest growing market with a CAGR of 38% over the analysis period.

Though still in emerging stages, biometrics is increasingly finding application in financial services and banking institutions in various Asian countries. The technology is being used to enhance customer service and for identity verification and for preventing identity theft in financial transactions. GIA also finds that government efforts in emerging nations to bring uneducated masses into the banking community will additionally drive gains in the market.

The report, Biometrics for Banking and Financial Services is now available from GIA.

The Biometrics Research Group has come to similar findings, to suggest that emerging economics are rapidly embracing biometric banking technologies.

More specifically, the Biometrics Research Group says that Asia will lead market growth in biometric banking applications. 

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