Bank biometrics market $18B by ’32; new deals for Illuma, Journey, BioCatch

Financial services customers are warming to biometric authentication and that is pushing growth for vendors.

According to new research by Market Research Future, the banking biometric market will reach $18 billion in 2032, growing at a compounded annual rate of 15.8 percent between 2022 and 2032.

In 2022, North American accounted for 45.8 percent of the of the global market. In fact, the United States was the biggest market and Canada had the quickest expansion. The researchers expect particularly rapid growth for the Asia-Pacific region from 2023 to 2032 .

Here are some of the latest deals that account for the growth.

Illuma Labs integrates voice with Glia

Voice authentication firm Illuma Labs is integrating its product with New York-based Glia with the two companies planning voice authentication for banks’ customer service.

The plan is to join Illuma’s Shield, the U.S. company’s flagship voice authentication and fraud prevention software, with Glia’s Interaction platform which enables agents to interact with customers through multiple channels, including chat, phone, video and text. The companies say this combination will reduce friction in authentication and enhance security for their customers, which include Evans Bank and the WyHy Federal Credit Union, according to the vendors.

Journey.ai lands new customer

Secure identity platform firm Journey has announced that community bank Tradition Capital Bank, in the U.S. state of Minnesota, has named the company a trusted vendor.

The bank will use Journey’s zero-knowledge ID network, verifying that something is true or accurate without revealing personal data. The software enables financial institutions to biometrically authenticate a customer, lowering fraud risks to privacy, data and transactions. It also gives banks multiple capabilities, such as face and document scanning, on mobile devices, according to the company.

BioCatch behavioral biometrics available through Azure

Israel company BioCatch is making its anti-fraud behavioral biometrics available on Microsoft’s Cloud for Financial Services, which helps financial institutions enroll and track clients as well as automate workflow and reduce fraud.

BioCatch has been working on financial threats with Microsoft since 2011 but the new relationship means that financial services organizations will be able to buy BioCatch software through Microsoft’s Azure Marketplace. Azure, which analyzes billions of sessions per month, has enhanced risk management and protection, according to BioCatch.

Toppan debuts new facial recognition service kiosk

Toppan Gravity has launched a new service kiosk for the banking industry equipped with its proprietary facial recognition software iDenFace. The modular service kiosks were developed in house by IDGate, a Toppan Gravity subsidiary focused on mobile authentication. Toppan Gravity itself is a subsidiary of the Japanese printing and communications conglomerate Toppan Group.

Kiosk users can scan their ID documents and record a selfie. IDenFace detects liveness, matching the selfie against the document.

One of Toppan Gravity’s first clients is in the Seychelles, where commercial bank Nouvobanq has agreed to put the kiosks in customer areas.

Article Topics

banking  |  BioCatch  |  biometrics  |  fraud prevention  |  Illuma Labs  |  Journey  |  Toppan