Biometric authentication options are fast becoming mainstream, as Touch ID technology seeps into our digital lives. For the most part, the connected customer seems to be enthusiastically accepting, and in fact, driving the biometrics market, but is there any resistance, and are users’ security concerns valid?
Nowhere is biometrics entering the mainstream consumer consciousness more so than mobile payments and financial services.
Recent research by Goode Intelligence demonstrates that over 120 customers are using mobile biometrics daily in their everyday financial transactions. Furthermore, the report predicts that by 2020 over 16 billion mobile biometric payment transactions will be made.
This marks an incredible adoption, but despite widespread this, old authentication habits die hard as the historical use of passwords and PINs prove a difficult habit for financial institutions to break.
At the recent EmTech Asia 2016, Tony Chew, Citibank’s global head of cybersecurity regulatory strategy revealed that 70% of consumers wanted better mobile banking but were nervous about security.
The evidence is there – consumers want the convenience of digital financial services but they want it with security measures they can trust.
Investing in Security
Secure identity solutions provider HID Global, has identified security trends for the year ahead, with trust and security leading key: