Report: Consumers are embracing biometric ID; banks should, too
As a result of advancements in mobile phone technology, consumers have come to embrace biometrics as a means of secure authentication.
Biometrics firms are now moving past fingerprints and facial recognition and are looking to voice, heart rhythms, iris and eye vein scanning, as the bio authenticators in the future.
According to researchers at Aite Group, it's time for financial institutions to strongly consider biometric authentication methods in a variety of contexts. However, in implementing biometric ID, FIs must balance usability and security as well as privacy and disclosure.
A new report by Aite Group, "Biometrics: The time has come," looks broadly at a variety of biometrics capabilities that are being deployed across the globe and a number of vendors supporting biometric authentication.
The report is based on on Aite Group requests for information from 25 vendors and interviews of more than 10 executives from large FIs and payments service providers.