Biometric Authentication: The race is on
Biometric authentication has been a hot topic for a while.
The race to offer customers new and innovative ways of logging into their bank accounts and making payments is definitely on.
Biometric authentication offers a number of benefits: It provides a more hassle-free way to pay and in many cases, it offers higher levels of security. Better security techniques are crucial when it comes to mitigating fraud exposure for banks and retailers. However, biometric authentication will not stop all fraud, meaning that banks will still need to utilise advanced fraud detection systems.
Our own research indicates that a growing number of consumers expect their banks to offer biometric means of authentication.
I believe the widespread use of biometric payments is only a matter of time; not a question of if but when. Indeed, banks not considering the introduction of a range of biometric identification methods will undoubtedly be left behind and see their customers signing up with one of those banks offering better and more convenient ways of authentication.