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Study: Banks will buy into biometrics by 2020

The use of bio ID for ATM access will increase in regions where it is now deployed and will take root in places where the PIN is dominant today, a new report says.

June 30, 2015

Goode Intelligence, a London-based research and consultancy organization for the biometric and banking industry, issued a report earlier this month forecasting that by 2017 more than one billion consumers will access banking services through biometric systems, and that biometrics will become the predominant banking ID method by 2020.

In a press release, Goode Intelligence said that biometrics is being adopted across all of the major bank channels and that by the end of 2015 some 450 million bank customers will use biometrics in a variety of bank scenarios including:

• withdrawing cash from ATMs;
• proving identity when contacting the bank via telephone;
• authenticating with their mobile bank app via fingerprint; and
• accessing Web-based services via face and voice ID.

According to the report, the adoption of biometrics for ATM access will increase in regions where it has already been deployed (e.g., Japan, Eastern Europe and South America), and take root in other regions where the PIN is still the predominant authentication mechanism.