Goode Intelligence makes the business case for biometric authentication
Deploying biometric authentication increases an organization’s Net Promoter Score (NPS), lowers customer acquisition costs, and improve the cost-efficiency of operations enough to save a bank with 5 million customers an estimated $6.25 million annually, according to a new report from Goode Intelligence.
The Business Case for Biometric Authentication qualitatively and quantitatively describes a range of benefits business available to businesses, including security and compliance benefits, and the potential to save multiple millions of dollars annually by replacing numerous authentication systems with a single, consistent customer experience across all channels.
More than three-quarters of respondents say they have improved their compliance by deploying biometrics, particularly with Open Banking/PSD2 Strong Customer Authentication, and 45 percent express “very high” agreement with a statement that deploying biometrics has resulted in a higher NPS.
“The benefit of biometric authentication is that it can balance both security and convenience without requiring a compromise of either. A multi-factor platform using biometrics can identify or authenticate across all business units, customers and channels in a consistent way, supporting an omni-channel strategy. There are significant benefits compared to legacy approaches,” comments report author and Goode Intelligence CEO Alan Goode. “Dealing with these issues within large financial service providers is now a C-Suite problem. Evidence shows that the business case, cost saving and ROI of deploying biometric authentication exists across multiple business units.”
The CEO of KLM recently said that improving the company’s NPS is motivating its consideration of deploying facial recognition technology.